Ballard Spahr Reps PMA In $365M Old Republic Merger

Law360, New York (June 10, 2010, 1:27 PM EDT) -- Old Republic International Corp. said it planned to buy PMA Capital Corp. in a transaction valued at $365 million Thursday, the same day a law firm announced an investigation into whether the PMA Capital board of directors failed to properly shop around for the best purchase price.

Chicago-based Old Republic intends to pay $228 million for all outstanding shares of PMA Capital common stock — a 16 percent premium over the closing price Wednesday — and assume $137 million of PMA Capital's debt, the companies said....
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