The Midland Company in Acquisition by Munich Re
October 17, 2007
Cleary Gottlieb is representing The Midland Company in its pending acquisition by Munich Re AG. The deal was announced on October 17 and is valued at $1.3 billion. Under the terms of the merger agreement, stockholders of The Midland Company will receive a 13.5% premium above the October 16 share price. The deal is expected to close in the first half of 2008.
Munich Re America Corporation, a member of the Munich Re Group, is one of the leading providers of reinsurance in the United States. Midland is a highly focused provider of specialty insurance products and services and also owns a niche transportation business, M/G Transport Group, which operates a fleet of dry cargo barges for the movement of bulk commodities on the inland waterways.