Tiny Illinois insurance giant launches takeover bid in Indiana

A small Illinois insurance company with the intention of six people in connection with a public offer to acquire a larger insurer Indianapolis, Meridian Insurance Group.

Despite their claims offers a friendly, American Union Insurance Co. also filed a complaint Wednesday in U.S. District Court in Indianapolis, so-called “unlawful” Meridian-1997 vote to opt-in Indianapolis to thwart a law on hostile takeover bids.

The offer is worth about $ 157 million, Meridian lighter shares rose 37 percent, or $ 4.75 to $ 17.50 in the case of.

Meridian, which has 600 employees, he confirmed a letter of Bloomington, Ill.-American Union for a $ 20 per share offer.

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