Trean Insurance Group has announced that its stockholders have approved the merger agreement entered into by the firm with affiliates of Altaris.
According to Trean, the proposal to adopt the merger agreement and approve the merger was supported by 87.3% of the total shares outstanding entitled to vote at the Special Meeting of Stockholders, as well as 71.4% of the outstanding shares beneficially owned by the “Unaffiliated Stockholders”.
Trean announced in December last year that it had entered into a definitive merger agreement with affiliates of Altaris, which already owned approximately 47% of Trean’s outstanding common stock.
It was reported that Altaris would acquire all of the common stock that it does not currently own for $6.15 in cash per share, representing a 97% premium to Trean’s closing price on December 15, 2022.
Julie Baron, President and Chief Executive Officer of Trean, said at the time, “This agreement with Altaris delivers immediate and substantial value to all stockholders of Trean while positioning the Company to continue its focus on strong partnerships, underwriting discipline and exceptional claims management to drive growth over the long term.
“As a long-term investor in the Company, Altaris is deeply familiar with our business and recognizes the value of our talented team, and we look forward to Altaris’ continued contributions to Trean as a private company.”
Trean states that the final voting results of the Special Meeting of Stockholders will be filed by the Company in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.
