Philadelphia Consolidated Holding Corp. Shareholders Approve Merger with Tokio Marine
October 23 2008 - 2:21PM
PR Newswire (US)
BALA CYNWYD, Pa., Oct. 23 /PRNewswire-FirstCall/ -- The
shareholders of Philadelphia Consolidated Holding Corp.
(NASDAQ:PHLY) approved a proposal at today's Special Meeting of
Shareholders to adopt the Agreement and Plan of Merger dated as of
July 22, 2008 among the Company, Tokio Marine Holdings, Inc.
("Tokio Marine") and Tokio Marine Investment (Pennsylvania) Inc.
(the "Merger Agreement"). Over 77% of the outstanding shares of
Company common stock voted on the proposal to adopt the Merger
Agreement at the Special Meeting, and over 99% of these votes were
in favor of the proposal. Under the terms of the Merger Agreement,
Tokio Marine Investment (Pennsylvania) Inc. will (subject to the
satisfaction of various contingencies) merge with and into the
Company and Tokio Marine will acquire all outstanding shares of the
Company for $61.50 per share, in cash. The proposed transaction
remains subject to the receipt of the approval of Tokio Marine's
acquisition of control of the Company from the Florida Office of
Insurance Regulation and regulatory approval of the proposed merger
transaction by the Financial Services Agency of Japan. It is
anticipated that the transaction will close during the fourth
quarter of 2008. In operation since 1962, PHLY designs, markets,
and underwrites commercial property/casualty and professional
liability insurance products incorporating value added coverages
and services for select industries. The Company, whose commercial
lines insurance subsidiaries are rated A+ (Superior) by A.M. Best
Company and A1 for insurance financial strength by Moody's
Investors Services, is nationally recognized as a member of Ward's
Top 50, Forbes' Platinum 400 list of America's Best Big Companies
and Forbes' 100 Best Mid-Cap Stocks in America. The organization
has 47 offices strategically located across the United States to
provide superior service. To locate your nearest office or for more
information, visit us on the web at http://www.phly.com/ .
DATASOURCE: Philadelphia Consolidated Holding Corp. CONTACT: Joseph
J. Barnholt, +1-610-617-7626 Web site: http://www.phly.com/
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