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Proxy adviser Glass Lewis endorses Employers Mutual-EMC Insurance deal

Proxy advisory firm Glass Lewis & Co. has recommended that EMC Insurance Group Inc. shareholders approve Employers Mutual Casualty Co.'s proposed acquisition of all of the insurer's shares that it does not already own.

EMC Insurance shareholders will vote on the transaction during a special meeting taking place Sept. 18. Proxy adviser Institutional Shareholder Services also backed the transaction.

Sandler O'Neill & Partners LP is the financial adviser to the special committee that suggested accepting the offer. Boenning & Scattergood Inc. provided financial advice to Employers Mutual's board of directors.

Willkie Farr & Gallagher LLP is legal counsel to the special committee, and Foley & Lardner LLP is legal counsel to Employers Mutual.