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.