Fremont Insurance now part of AAA
The merger of Fremont Michigan InsuraCorp Inc. with Auto Club Insurance Association of Dearborn — also known as AAA insurance — is now complete, according to an announcement this morning from the Fremont insurance company.
The start of the merger was announced in April; in late July, the company’s shareholders signed off on the deal, in which ACIA bought all outstanding shares of Fremont for $36.15 per share in cash, for an aggregate purchase price of approximately $67.7 million.
With the closing of the merger, Fremont's common stock will no longer be quoted or reported on the OTC Market OTCQB or any other quotation system on the over-the-counter markets.
At the close of the stock market Friday, Fremont shares were trading at $36.05.
Fremont Insurance was the object of a hostile takeover attempt by Biglari Holdings, formerly known as Steak N Shake, starting in 2009. In April, Sardar Biglari, chairman and CEO of Biglari Holdings, which owns about 9.7 percent of Fremont stock, said the merger with ACIA “represents a victory for all Fremont stockholders.”