Friday, Philadelphia Consolidated Holding Corp. (PHLY), an insurance company, said its merger with a wholly owned subsidiary of Tokio Marine Holdings, Inc. has been approved by the Pennsylvania Insurance Department.
On July 23, 2008, Philadelphia Consolidated Holding and Tokio Marine entered into merger agreement pursuant to which Tokio Marine would acquire all outstanding shares of Philadelphia Consolidated Holding for US$61.50 per share in cash amounting to about US$4.7 billion.
The closing of the merger remains subject to approval from the Florida Office of Insurance Regulation, regulatory approval from the Financial Services Agency of Japan, and the approval of Philadelphia Consolidated Holding's shareholders at the special meeting scheduled for October 23, 2008.
The company and Tokio Marine continue to expect that the closing of the merger to occur in the fourth quarter of 2008.
PHLY is trading up $0.78 or 1.35% at $58.58, on a volume of about 633 thousand shares.
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