American Union Insurance Company Will Comply With Order Issued by Indiana Securities Commissioner.Business Editors BLOOMINGTON Bloomington. 1 City (1990 pop. 51,972), seat of McLean co., central Ill.; inc. 1839. The economy is based on farming; electrical equipment is also manufactured. , Ill.--(BUSINESS WIRE)--Oct. 6, 2000 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Union Insurance Company, Meridian Meridian (mərĭd`ēən), city (1990 pop. 41,036), seat of Lauderdale co., E Miss., near the Ala. line; settled 1831, inc. 1860. Insurance Group Acquisition Corporation, Gregory M. Shepard M. Shepard is the tenth track on War All The Time. It is named for Matthew Shepard an American student at the University of Wyoming who was fatally attacked near Laramie, Wyoming, on the night of October 6 – October 7, 1998 in what was widely reported by international news , and Tracy M. Shepard (the "Offerors") will comply with order issued by Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). Securities Commissioner and, after complying, will continue their tender offer for 50.1% of the shares of Meridian Insurance Group, Inc. The Indiana Securities Commissioner issued an order stating that the tender offer of Offerors cannot continue until Offerors clarify and supplement certain accounting and financing information. Offerors intend to clarify and supplement the information for the Commissioner, and upon approval by the Commissioner, proceed with their tender offer. On Thursday, October 5, 2000, Meridian Insurance Group, Inc. issued a press release saying that its Board of Directors has directed management to explore strategic alternatives to enhance shareholder value. Several alternatives were mentioned, including engaging in an affiliation or business combination. Management has been authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: to use an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. to assist it in this process. The Board stated, however, that Meridian has no interest in engaging in any transaction with American Union, Gregory Shepard or any of their affiliates. In response to Meridian's announcement, Mr. Shepard said, "I am glad to see that the Board of Meridian is finally considering doing something to enhance shareholder value. Enhancement of shareholder value was the very reason we began our tender offer, which was not intended to be unfriendly to management." Mr. Shepard continued, "I do not understand why the Board singled out for specific rejection our offer, which represents a large premium over Meridian's stock price prior to our offer and a large premium over the current price of the stock. If the Board were really interested in shareholder value, it would not reject our offer out of hand. Now that the Board has made its announcement regarding strategic alternatives, upon satisfying the requirements set forth by the Indiana Securities Commissioner, we intend to press forward with our offer, which we continue to believe offers an excellent way to actually enhance shareholder value." On September 18, 2000, American Union Insurance Company revised the cash tender offer which it commenced on August 31, 2000, to an offer for 50.1% of the outstanding common stock of Meridian Insurance Group, Inc., for $25 per share. American Union Insurance Company is a Bloomington, Illinois Bloomington is a city in McLean County, Illinois, United States that is its county seat as well. A 2006 special census indicated that the population was 74,975 [1]. based property and casualty insurance company originally chartered in 1916 by L.F. Shepard as Union Automobile Insurance Association. The present name was adopted in 1998. Today 50% of American Union's common stock is owned by Gregory M. Shepard and 50% by Tracy M. Shepard, who are brothers. Meridian Insurance Group Acquisition Corporation is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Union Insurance Company. |
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