Ohio Casualty shareholders OK company's acquisition by Liberty Mutual

By Lisa Kerner

Charlotte, N.C., Aug. 8 - Ohio Casualty Corp. shareholders approved the May 6 plan of merger with Liberty Mutual Insurance Co. and Waterfall Merger Corp.

The deal still requires approval from the Indiana and Ohio Departments of Insurance. Both companies' boards of directors have approved the transaction, which is slated to close in the third quarter.

Under a definitive agreement, Liberty will acquire all outstanding shares of common stock of Ohio Casualty for $44 per share in a cash transaction is valued at about $2.7 billion.

Boston-based Liberty Mutual Group is a diversified global insurer and the sixth-largest property and casualty insurer in the United States.

Ohio Casualty is the holding company of the Ohio Casualty Insurance Co. and five other subsidiary insurance companies. The company's headquarters are in Fairfield, Ohio.

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