SOUTHFIELD, Mich., Aug. 12 /PRNewswire-FirstCall/ -- Meadowbrook Insurance Group, Inc. (NYSE: MIG - News) announced the final results of the ProCentury shareholder election proration process in connection with the ProCentury merger transaction. As specified in the Merger Agreement, ProCentury shareholders were entitled to elect cash or shares of Meadowbrook common stock with the limitation that 55% of the aggregate merger consideration be in the form of shares of Meadowbrook common stock and 45% be in cash. The results of the proration process are as follows:-- ProCentury shareholders who made valid cash elections will receive $20.00 per share for approximately 40.6378% of the shares covered by such election and 2.5000 shares of Meadowbrook common stock for each remaining share of ProCentury common stock covered by such election.
-- ProCentury shareholders who made a valid stock election will receive 2.5000 shares of Meadowbrook common stock per share of ProCentury common stock for which they made such an election. Common stock received by ProCentury shareholders is expected to qualify as a tax-free exchange.
-- ProCentury shareholders who did not make a valid election will receive 2.5000 shares of Meadowbrook common stock per share of ProCentury common stock for which they did not make an election.
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