Midland shareholders OK acquisition by Munich Re

By Lisa Kerner

Charlotte, N.C., March 24 - Shareholders of the Midland Co. voted to approve the company's pending merger agreement with Munich Re at a special meeting on Monday.

Under terms of the agreement, Midland shareholders will receive $65 per share in cash.

According to a company news release, the transaction is expected to close on or about April 3.

On Oct. 17, Midland, a Cincinnati specialty insurance products company, agreed to be acquired by Munich Re. The equity value of the deal is $1.3 billion, it was previously reported.

Munich Re, a Germany-based reinsurance provider, was advised by Lehman Brothers. The company will complete the acquisition through its subsidiary, Munich-American Holding Corp.

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