Amerisafe to redeem all 250,000 shares of series C, D preferred stock

By Marisa Wong

Milwaukee, Nov. 30 - Amerisafe, Inc. announced that it will redeem all 250,000 outstanding shares of series C and series D convertible preferred stock on Dec. 31.

The preferred shares will be redeemed at $103.50 per share, for a total of $25.875 million.

The company will use available cash to fund the redemption.

At any time prior to the redemption date, preferred shareholders are entitled to convert their shares into common stock. The 250,000 outstanding preferred shares are convertible into 1,214,770 common shares. The redemption provides for a cash payment equivalent to $21.30 per common share. Amerisafe stock closed at $16.89 on Monday. The company said it expects holders to accept the cash.

Based in DeRidder, La., Amerisafe is a specialty provider of workers' compensation insurance for small to mid-sized employers in hazardous industries.

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