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Tuesday, December 30, 2014

China's Fosun to purchase Meadowbrook Insurance for about $433 mln, (NYSE: MIG)

China's Fosun International Ltd will purchase Meadowbrook Insurance Group for about $433 million to enter the U.S. property and casualty insurance market. The cash deal of $8.65 per share represents a 24 percent premium over Meadowbrook stock's closing price on Dec. 29, the companies said on Tuesday.

Meadowbrook Insurance Group, Inc. (Meadowbrook) is a specialty commercial insurance underwriter and insurance administration services company. Shares of MIG traded higher by 2.3% or $0.16/share to $7.13. In the past year, the shares have traded as low as $5.24 and as high as $7.28. On average, 187570 shares of MIG exchange hands on a given day and today's volume is recorded at 177531.