CINCINNATI, April 3, 2008 /PRNewswire-FirstCall/ -- The Midland Company(Nasdaq: MLAN), a highly focused provider of specialty insurance products andservices, today announced that it has completed the merger in which Midlandhas been acquired by Munich-American Holding Corporation, a subsidiary ofMunich Re. Prior to the closing of the merger, Midland completed thepreviously announced sale of all of the shares of capital stock of M/GTransport Services, Inc. and MGT Services, Inc. to an affiliate of Brooklyn NYHoldings LLC.
Under terms of the merger agreement, Midland shareholders will receive$65.00 per share in cash. Holders of Midland common stock who holduncertificated book-entry shares may expect to receive the mergerconsideration within approximately seven business days. Holders who holdtheir shares through Depository Trust Company should contact their broker orother financial advisor for instructions. Holders of certificated shares ofMidland common stock will receive a letter of transmittal and other materialsfrom our paying agent. These materials will have to be completed and returnedto the paying agent in order for such shareholders to receive the mergerconsideration. At the close of business today, Midland shares will bede-listed from the Nasdaq Global Select Market and will cease to trade on thatmarket.
John W. Hayden, Midland president and chief executive officer said, 'Wesincerely appreciate the consistent interest and support of our valuedshareholders. We are very proud of the superior value Midland has deliveredto them over the years. In addition, we would like to recognize theoutstanding contributions from all of our business partners and associates; itis they who have allowed Midland to distinguish itself as a top tier performerin the specialty insurance marketplace. We will be forever grateful to thefounders of The Midland Company, J. Page Hayden, Sr. and H. R. LaBar and theirsuccessors, for their courage and determination in creating the platform thathas afforded us the opportunity to create the tremendous value thistransaction represents.
'We are excited to be joining the Munich Re family, a formidable player inthe global insurance and reinsurance marketplace. We believe that our solidbusiness platform and the synergies between our organizations will provide uswith a bright future in the years ahead.'
About Munich Re
The Munich Re Group operates worldwide, turning risk into value. In thefinancial year 2007, it achieved a profit of 3.9bn euros, the highest in itscorporate history.
