Proxy advisory company Institutional Shareholder Services has recommended that EMC Insurance Group Inc. shareholders vote for Employers Mutual Casualty Co.'s proposed acquisition of the company's shares that it does not already own.
The EMC Insurance board of directors is recommending that minority shareholders vote for Employers Mutual's offer of $36.00 per share. A special meeting to vote on the transaction is scheduled for Sept. 18.
Sandler O'Neill & Partners LP is serving as financial adviser to the special committee that recommended accepting the offer. Boenning & Scattergood Inc. provided financial advice to Employers Mutual's board of directors.
Willkie Farr & Gallagher LLP is acting as legal counsel to the special committee, and Foley & Lardner LLP is serving as legal counsel to Employers Mutual.
