Unitrin to acquire Milwaukee Insurance Group.CHICAGO--(BUSINESS WIRE)--June 19, 1995--Richard C. Vie, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Unitrin Inc., Chicago, and Daniel R. Doucette, president and CEO of the Milwaukee Insurance Group, announced today that the companies have reached an agreement in principal providing for the acquisition of Milwaukee Insurance Group Inc. (MIG) by Unitrin for $22 per share in cash, or approximately $94 million. As a part of the transaction, MIG's affiliated company, Milwaukee Mutual Insurance Co., will enter into arrangements with MIG and Unitrin relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the pooling of insurance for the respective companies. The transaction is subject to the execution of a definitive acquisition agreement among Unitrin, MIG and Milwaukee Mutual in its capacity as MIG's largest shareholder, as well as approvals by the respective boards of directors, certain insurance and other regulators and MIG's shareholders. Vie and Doucette stated that the parties intend to enter into an acquisition agreement as soon as possible. A meeting of MIG shareholders to vote on the transaction will be held as soon as practicable practicable adj. when something can be done or performed. thereafter. It is anticipated that the acquisition will be completed by Sept. 30, 1995. Vie stated "we are extremely pleased to have Milwaukee Insurance Group join the Unitrin family of companies." Doucette stated "MIG's affiliation with Unitrin brings two strong, well-managed companies together forming an even stronger property and casualty provider." Headquartered in Milwaukee with branch offices throughout the Midwest, MIG is a holding company engaged through its subsidiaries in the business of property and casualty insurance. Unitrin is engaged in life and health insurance through United Insurance Company of America and its subsidiaries; property and casualty insurance through Trinity Universal Insurance Co. and its subsidiaries; and the consumer finance business through Fireside Thrift thrift: see leadwort. Co. Shares of Unitrin and MIG trade on the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbols UNIT and MILW MILW Milwaukee Road (symbol name on freight cars for the Chicago, Milwaukee, St. Paul & Pacific) . CONTACT: Unitrin Contact: MacKenzie Partners Inc. Stanley J. Kay KAY Kick Ass Year KAY Kansas Association of Youth Jr. 212/929-5940 or Milwaukee Insurance Group Contact: Daniel R. Doucette President 414/271-0525 ext. 2600 |
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