Radian stockholders approve merger with MGIC Investment

By Lisa Kerner

Charlotte, N.C., May 9 - Radian Group Inc. stockholders approved the company's merger with MGIC Investment Corp. at a meeting held on Wednesday. MGIC stockholders will vote on the merger at the company's annual meeting on May 10.

Under their Feb. 6 agreement, he companies will merge to form a new mortgage and credit risk insurance company called MGIC Radian Financial Group Inc.

Each share of Radian common stock will be exchanged for 0.9658 of a share of MGIC common stock based on Feb. 5 closing prices. MGIC (NYSE: MTG) closed at $62.93 on Feb. 5; Radian (NYSE: RDN) closed at $60.84 on Feb. 5

Both companies' boards approved the transaction, which is expected to close late in the third or early in the fourth quarter of 2007, according to a company news release.

Following the merger, MGIC Investment's chairman and chief executive officer, Curt S. Culver, will hold the same positions at the new company. Radian Group chief executive officer S.A. Ibrahim will be president and chief operating officer of MGIC Radian.

MGIC Investment is a holding company and a private mortgage insurance provider based in Milwaukee.

Radian Group is a credit risk management company based in Philadelphia.

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