Insurer ICC soars on $74 mln buyout deal with Mutual Capital

ICC Holdings

10/06/2024 12:54

** Shares of property and casualty insurer ICC Holdings
 ICCH.O  jump 43.8% to $23 premarket
    ** Mutual Capital Group (MCG) has agreed to buy insurer ICC
Holdings for about $73.8 mln in an all-cash deal, the companies
said on Saturday
    ** MCG will pay ICCH shareholders $23.50/shr, which
represents a 46.9% premium to the stock's last close
    ** Deal expected to close in the fourth quarter of 2024 
    ** As of last close, ICCH shares were up 4.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))