Meadowbrook Insurance Group (MIG) Repurchases 300K Shares of Common Stock From Director
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- Meadowbrook Insurance Group (MIG) Repurchases 300K Shares of Common Stock From Director
Meadowbrook Insurance Group, Inc. (NYSE: MIG) has repurchased 300,000 shares of Meadowbrook common stock beneficially owned by the Company's Director, Mr. Jeffrey Maffett. The purchase price was $7.72, which is the 30 day average close price as of September 28, 2009, less transactional costs.
Mr. Maffett is Chairman of the Board of Colonial Banc Corp and may be deemed the beneficial owner of 571,765 shares of Meadowbrook common stock owned by Colonial Banc Corp. After the sale of the 300,000 shares, Colonial Banc Corp will own 271,765 shares of Meadowbrook common stock, and Mr. Maffett owns 150,425 shares directly.
Colonial Banc Corp is selling the shares in order to improve its capital ratios. The Meadowbrook Board of Directors has approved the repurchase, pursuant to the previously adopted Share Repurchase Plan of the Company.[SM]
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