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Moody's Investors Service has downgraded the senior debt rating of Infinity Property and Casualty Corporation ("Infinity") to Baa3 from Baa2 and the insurance financial strength (IFS) ratings of its principal operating subsidiaries to A3 from A2 following the completion of the company's acquisition by Kemper Corporation (NYSE: KMPR, "Kemper", Baa3 senior, stable) for $1.6 billion in cash and stock. This action concludes a review for downgrade that was initiated on February 14, 2018.
Kemper Corporation (KMPR) today announced that it has closed the acquisition of Infinity Property and Casualty Corporation, a leading provider of auto insurance focused on serving the specialty, nonstandard segment. Kemper also announced the election of Teresa A. Canida as a director of the company, effective as of the closing. Pursuant to the terms of the merger agreement dated February 13, 2018, the total consideration payable to Infinity shareholders in the cash and stock transaction is valued at approximately $1.6 billion, based on Kemper’s closing stock price of $75.65 on June 29, 2018.
NEW YORK , June 29, 2018 /PRNewswire/ -- Preferred Bank (NASD: PFBC) will replace Infinity Property & Casualty Corp. (NASD: IPCC) in the S&P SmallCap 600 effective prior to the open of trading on Friday, ...
Kemper Corporation (KMPR) and Infinity Property and Casualty Corporation (IPCC) today announced receipt of all regulatory approvals necessary to complete the previously announced proposed acquisition by Kemper of Infinity, a leading provider of auto insurance focused on serving the specialty, nonstandard segment. “We’re pleased to have received all of the regulatory approvals needed to close our acquisition of Infinity,” said Joseph P. Lacher, President and Chief Executive Officer of Kemper.
LONDON, UK / ACCESSWIRE / June 15, 2018 / If you want access to our free research report on Kemper Corp. (NYSE: KMPR), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KMPR as the Company's latest news hit the wire. On June 13, 2018, the Company and Infinity Property and Casualty Corp. (NASDAQ: IPCC) ("Infinity") announced that the anticipated deadline for Infinity's shareholders to elect the form of merger consideration they will receive is June 18, 2018, 5 p.m. EDT. The deadline is pursuant to the previously announced merger agreement under which Kemper will acquire Infinity.
Kemper Corporation (KMPR) and Infinity Property and Casualty Corporation (IPCC) today announced that the anticipated deadline for Infinity shareholders to elect the form of merger consideration they will receive pursuant to the previously announced merger agreement under which Kemper will acquire Infinity, is 5:00 p.m., Eastern Time, on Monday June 18, 2018. The election deadline may be changed, in which case Infinity and Kemper will issue a press release announcing the new election deadline. Infinity shareholders who hold shares through the Infinity Employee Stock Purchase Plan or through a bank, broker, trust company or other nominee may be subject to an earlier election deadline and should carefully review any materials received in connection with their Infinity shares for instructions regarding the election of merger consideration.
Kemper Corporation (KMPR) and Infinity Property and Casualty Corporation (IPCC) announced that, during an annual meeting of Kemper’s shareholders held today in Chicago and a special meeting of Infinity’s shareholders held today in Birmingham, the companies’ respective shareholders approved proposals related to the previously announced merger agreement under which Kemper will acquire Infinity. The proposals received overwhelming shareholder support, with 99.1% of the shares of Kemper common stock voted at Kemper’s annual meeting voting to approve a proposal to issue shares of Kemper common stock pursuant to the merger agreement, and 99.9% of the shares of Infinity common stock voted at Infinity’s special meeting voting to approve a proposal to adopt the merger agreement.