North Pointe Holdings Corporation (NPTE) Stockholders Approve Acquisition by QBE Holdings, Inc.

April 15, 2008 8:33 AM EDT

Last week, North Pointe Holdings Corporation (Nasdaq: NPTE) announced that the Company's stockholders approved its merger agreement with QBE Holdings, Inc. at a special meeting.

Based upon the preliminary tally of shares voted at a special meeting of its stockholders held today, 7,478,751 shares were voted at the meeting, representing 84.0% of North Pointe's outstanding voting shares. Of the shares present and voting, a total of 7,478,329 or 84.0% of the outstanding voting shares, voted in favor of the adoption of the merger agreement.

The closing of the merger remains subject to the satisfaction or waiver of all closing conditions, including the receipt of all required regulatory approvals. North Pointe expects the transaction to be completed before the end of May 2008.

Following the closing of the merger, North Pointe's stockholders will be entitled to receive $16.00 per share in cash, without interest, for each share of North Pointe common stock held. [JT]

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