June 27, 2007Professionals Direct Inc • June 27th, 2007 • Insurance agents, brokers & service
On June 25, 2007, Professionals Direct, Inc. executed a merger agreement under which it agreed to be acquired by The Hanover Insurance Group, Inc. of Worcester, Massachusetts (NYSE: THG). The purchase price is $23.2 million, or $69.61 per share, payable in cash after closing of the merger. The closing is subject to a variety of conditions, including approval by you as shareholders and approval by the Michigan insurance regulators. If the merger is approved, I expect that the closing will occur in late third or early fourth quarter of 2007.
