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Article: Motor Club Of America to Acquire North East Insurance Company.
- Article from:
- PR Newswire
- Article date:
- January 27, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PARAMUS, N.J., and SCARBOROUGH, Maine, Jan. 26 /PRNewswire/ -- Motor Club of America, a property and casualty insurance holding company (Nasdaq: MOTR), and North East Insurance Company, a property and casualty insurer (Nasdaq: NEIC), today announced that the respective companies have reached a non-binding agreement in principle for MOTR to acquire NEIC through a merger.
The agreement provides that NEIC shareholders will receive, at their individual election, (a) $3.30 per share in cash per common share of NEIC, (b) one common share of MOTR for each 5.25 shares of NEIC common, or (c) a combination thereof. If shareholders in the aggregate elect to exchange more ...