SELECTIVE INSURANCE GROUP TO ACQUIRE NIAGARA EXCHANGE CORP.
SELECTIVE INSURANCE GROUP TO ACQUIRE NIAGARA EXCHANGE CORP. BRANCHVILLE, N.J., March 30 /PRNewswire/ -- Selective Insurance Group, Inc. ("Selective") (NASDAQ: SIGI) and Niagara Exchange Corporation ("Niagara") (NASDAQ-NMS: NIEX) announced today they have executed an agreement under which Selective will acquire Niagara through a cash merger, with the stockholders of Niagara receiving $11.50 in cash for each share of Niagara common stock and each share of Niagara series C cumulative convertible preferred stock. Selective and Niagara previously had announced an agreement in principle with respect to the acquisition. The merger is subject to Niagara stockholder approval, termination of the waiting periods under Federal antitrust laws, regulatory consents and certain other conditions. Niagara has approximately 1,800,000 shares of common stock outstanding and approximately 978,000 shares of series C cumulative convertible preferred stock outstanding. Niagara Exchange Corporation is a Buffalo, N.Y., based insurance holding company whose principal subsidiary, Exchange Insurance Company, writes property and casualty insurance. Selective Insurance Group, Inc. is a holding company with four insurance subsidiaries: Selective Insurance Company of America and Selective Way Insurance Company, based in Branchville, N.J.; and Selective Insurance Company of the Southeast and Selective Insurance Company of South Carolina, based in Charlotte, N.C. Selective's insurance subsidiaries are regional property and casualty insurers that underwrite traditional lines of insurance including automobile, property, workers' compensation, general liability and fidelity and surety. -0- 3/30/92 /CONTACT: Dominic J. Addesso, executive vice president and chief financial officer of Selective Insurance Group, 201-948-1289/ (SIGI) CO: Selective Insurance Group Inc. ST: New Jersey IN: INS SU: TNM
TQ-OS -- NY054 -- 2892 03/30/92 12:26 EST
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|Date:||Mar 30, 1992|
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