Mutual capital group to acquire icc holdings, inc. for $23.50 per share in $73.8 million transaction

Wyalusing, pa. & rock island, ill.--(business wire)--mutual capital group, inc. (“mcg”), parent company of mutual capital holdings, inc. (“mch”) and icc holdings, inc. (nasdaq: icch) (“icch”), parent company of illinois casualty company, today jointly announce that they have entered into a definitive merger agreement under which mcg will acquire all outstanding icch shares for $23.50 in cash. the transaction, which was unanimously approved by both boards of directors, represents a total equity.
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