AcquisitionsJul 1, 2026, 06:06 AM
Old Republic to Acquire ECM Group; Raises $24.7M via Stock Offering
AI Summary
Old Republic International Corporation announced that members of Everett Cash Mutual Insurance Co. (ECM) approved its conversion to a stock company and its acquisition by Old Republic. Concurrently, Old Republic completed a stock offering to certain ECM members, employees, and directors, raising approximately $24.7 million. The acquisition of the ECM Group is set to finalize on July 1, 2026, with Old Republic delivering up to 955,903 shares of its common stock.
Key Highlights
- Everett Cash Mutual Insurance Co. (ECM) members approved its conversion to a stock company and acquisition by Old Republic.
- Old Republic completed a stock offering, raising approximately $24.7 million.
- Shares were sold at $25.80 per share, representing a 35.0% discount.
- The purchase price was discounted from a volume-weighted average trading price of $39.70.
- Old Republic will deliver up to 955,903 shares of its common stock to complete the acquisition.
- The acquisition of the ECM Group is expected to be completed on July 1, 2026.
Price Impact
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