June 13, 2024 - New York, NY - Mutual Capital Group, a leading investment firm renowned for its strategic acquisitions and portfolio management, announced today that it has entered into a definitive merger agreement on June 8, 2024 to acquire ICC Holdings, Inc. (ICCH) in a cash transaction valued at $73.8 million. This acquisition will be a significant milestone for both companies and underscores Mutual Capital Group's commitment to expanding its footprint in the insurance sector through strategic M&A deals.
Deal Structure:
Under the terms of the agreement, Mutual Capital Group will acquire all outstanding ICC shares for $23.50 in cash, representing a premium of 46.88% from the stock’s last close.
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A Strategic Move in M&A Opportunities
The acquisition of ICC Holdings, a prominent player in the insurance industry, will represent a strategic move for Mutual Capital Group to enhance its market position and broaden its service offerings. This transaction is expected to deliver substantial value to shareholders of both companies and aligns with Mutual Capital Group's long-term growth strategy.
"We are thrilled to welcome ICC Holdings into the Mutual Capital Group family," said John Peterson, CEO of Mutual Capital Group. "This acquisition will be a testament to our ongoing efforts to identify and capitalize on M&A opportunities that drive growth and create value for our stakeholders. ICC Holdings has a robust business model and a strong market presence, making it a perfect fit for our portfolio."
Merger Arbitrage and Financial Benefits
The acquisition will be executed with a keen focus on merger arbitrage, a strategy that aims to exploit the price differentials that occur before and after M&A announcements. This approach ensures that Mutual Capital Group can maximize its return on investment while minimizing risks associated with such transactions.
The cash transaction of $73.8 million underscores Mutual Capital Group's financial strength and its ability to leverage capital for strategic acquisitions. The deal is expected to be immediately accretive to earnings, reflecting the company's disciplined approach to capital allocation and merger integration.
Deal Metrics:
To delve into more specific details of the above M&A transaction, please visit the Deal Metrics page here:
The Deal Metrics page for each merger or acquisition includes:
- A spread history chart of the merger from announcement through eventual completion or failure.
- Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
- News and SEC filings.
- A history of deal updates.
- and a whole lot more.
About Mutual Capital Group
Mutual Capital Group is a diversified investment firm with a proven track record in managing and growing a wide range of businesses. The firm's investment strategy focuses on identifying high-potential companies and creating value through strategic acquisitions and effective management practices. With a team of seasoned professionals and a commitment to excellence, Mutual Capital Group has established itself as a leader in the investment community.
About ICC Holdings
ICC Holdings is a leading insurance company specializing in providing comprehensive coverage solutions to individuals and businesses. Known for its customer-centric approach and innovative insurance products, ICC Holdings has built a strong reputation in the market and continues to grow its client base.
About InsideArbitrage:
InsideArbitrage is a leading platform for investment insights and education, offering curated reading lists, analysis, and premium tools for investors seeking to enhance their knowledge of special situations investing that includes the strategies of merger arbitrage, legal insider transactions, spinoffs, management transitions, stock buybacks and SPACs.
InsideArbitrage provides access to six different event-driven strategies to expand your investing toolbox, special situations focused tools, qualitative writeups of ideas through weekly articles, and a comprehensive monthly newsletter.
Disclaimers:
This release contains disclosures, which may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should" or the negative versions of those words or other comparable words. Forward-looking statements do not relate solely to historical or current facts, rather they are based on management's expectations as well as certain assumptions and estimates made by, and information available to, management at the time. These statements are not guarantees of future performance. These forward-looking statements are based upon current expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and future financial condition and results.
Various forward-looking statements in this release relate to the acquisition by MCH of ICCH. Important transaction-related and other risk factors that may cause these forward-looking statements to differ include: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the completion of the transaction on anticipated terms and timing, and the satisfaction of conditions to the completion of the transaction; (iii) significant transaction costs associated with the transaction; (iv) litigation relating to the transaction, including the effects of any outcomes related thereto; (v) the risk that disruptions from the transaction will harm ICCH’s business, including current plans and operations; (vi) the ability of ICCH to retain and hire key personnel; and (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction.
Additional risks and uncertainties are discussed in ICCH’s filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, those identified in its Annual Report on Form 10-K for the year-ended December 31, 2023 and subsequent filings with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. MCH and ICCH do not undertake any obligation to update or revise any forward-looking statements to reflect subsequent circumstances or events.
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