Vote Set on Acquisition of Encino Insurance Firm
Shareholders are scheduled to vote March 31 on whether to approve the acquisition of Republic American Corp., an Encino workers’ compensation insurance company, by Penn Central Corp.
The merger, which needs the blessing of those owning two-thirds of Republic American’s shares, is expected to be approved. Both companies are controlled by Cincinnati financier Carl H. Lindner.
About 53% of Republic American’s stock is already owned either by Penn Central, a telecommunications and defense company in Greenwich, Conn., or another Lindner-controlled company, American Financial Corp. Penn Central is offering $153 million, or $15.75 a share, for the 47% stake that Lindner-controlled companies do not already own.