Employers Mutual Casualty Co. has proposed to purchase all the outstanding common stock of its affiliate EMC Insurance Group Inc.
As the parent company, Employers Mutual Casualty currently owns approximately 55 percent of the outstanding shares of EMC Insurance Group’s common stock. The proposal provides that the shares will be purchased at a price of $30 per share in cash.
The EMC Insurance Group said it has established a special committee of four independent directors of the company to take into account the proposal. The Special Committee shall hold its own financial and legal advisors to assist it, taking into account the proposal.
Stock trading on the Nasdaq Stock Exchange under the company’s EMCI symbol. Companies and subsidiaries operate under the name EMC Insurance Companies.
Employers Mutual Casualty Co., based in Des Moines, Iowa, was founded in 1911. Founded in 1974, EMC Insurance Group was opened to public in 1982. The subsidiary and subsidiaries include Dakota Fire Insurance Co., EMC Reinsurance Inc. EMCASCO Insurance Co., EMC Underwriters, Illinois EMCASCO Insurance Company, EMC Property & Casualty Co., EMC Risk Services, Providence Union Company (EMI) and EMC National Life Inc.
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