Pennsylvania Approves Tokio Marine Takeover of Philadelphia Insurance
Philadelphia Consolidated Holding Corp. reports that Tokio Marine Holdings, Inc. received approval of its proposed acquisition of control of Philadelphia Consolidated from the Pennsylvania Insurance Department.
As previously announced on July 23, 2008, Tokio Marine will acquire all outstanding shares of the company for $61.50 per share in cash.
The closing of the merger remains subject to approval from the Florida Office of Insurance Regulation, the Financial Services Agency of Japan, and the company's shareholders at a special meeting scheduled for Oct. 23, 2008.
Philadelphia and Tokio Marine continue to expect that the closing of the merger will occur in the fourth quarter of 2008.
SOURCE Philadelphia Consolidated Holding Corp
www.phly.com.
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