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Infinity Property & Casualty shareholders approve sale to Kemper

Infinity Property & Casualty Corp. shareholders have signed off on a proposed merger agreement that will see Kemper Corp. acquire the company in a cash-and-stock transaction valued at about $1.4 billion.

More than 99% of Infinity shares that were voted at a special meeting held June 1 were in favor of the deal. Kemper shareholders on the same day voted in favor of a proposal to issue common shares of the company pursuant to the deal agreement.

The transaction is expected to close in the third quarter but remains subject to fulfillment or waiver of certain additional closing conditions, including receipt of regulatory clearances and approvals. The two companies also may have to resolve a class-action lawsuit that was filed on behalf of Infinity's shareholders before the deal can be completed.

The U.S. Federal Trade Commission previously granted an early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act related to the deal.