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EMC Insurance sets date for shareholder vote on Employers Mutual deal

EMC Insurance Group Inc.'s shareholders at a Sept. 18 special meeting will vote on Employers Mutual Casualty Co.'s proposed acquisition of the company's shares it does not already own for $36.00 per share in cash.

EMC Insurance's board urges shareholders to approve the transaction. The transaction has an equity value of about $356 million based only upon the outstanding shares of EMC Insurance not owned by Employers Mutual.

Shareholders of record of EMC Insurance's common stock as of the close of business Aug. 8, including shareholders not affiliated with the company or Employers Mutual, will be entitled to vote.

Sandler O'Neill & Partners LP is the financial adviser, and Willkie Farr & Gallagher LLP is legal counsel to EMC Insurance's special committee, which recommended the transaction to the board. Boenning & Scattergood Inc. provided financial advice to Employers Mutual's board, while Foley & Lardner LLP is legal counsel to the company.