McM Corporation Announces IAT Reinsurance Syndicate's Stake Acquisition

McM Corporation, an insurance holding company, has announced that IAT Reinsurance Syndicate Ltd has acquired a significant stake in the company. IAT Reinsurance Syndicate, a Bermuda-based insurance and investment company, purchased 27.2% of McM's common shares through a tender offer, and an additional 14% from the McMillen Trust. This acquisition brings IAT Reinsurance Syndicate's total stake in McM to 41.2%. As a result, five directors have resigned from McM's board, and new directors have been appointed to fill the vacancies.

Key Takeaways:

• IAT Reinsurance Syndicate Ltd acquired a 41.2% stake in McM Corporation through a tender offer for 27.2% of the company's common shares and an additional 14% from the McMillen Trust.
• The acquisition was completed through a tender offer, in which IAT Reinsurance Syndicate accepted payment for all shares tendered by shareholders.
• Five directors, including R. Peyton Woodson III, Laurence F. Lee, Jr., Laurence F. Lee III, Claude G. Sanchez, Jr., and Jesse Greenfield, resigned from McM's board as a result of the acquisition.
• New directors, Peter R. Kellogg, Edward A. Kerbs, Marguerite R. Gorman, John D. Amaral, and Richard D. Spurling, were appointed to fill the board vacancies.
• Wachovia Bank, N.A. acted as transfer agent and Depositary for the tender offer.
• Paine Webber Incorporated served as financial advisor to McM Corporation in connection with the transaction.

Statistics:

• 27.2% of McM Corporation's common shares were purchased through the tender offer.
• 14% of McM Corporation's common shares were purchased from the McMillen Trust.
• IAT Reinsurance Syndicate acquired a total of 41.2% of McM Corporation's shares.
• Five directors resigned from McM's board due to the acquisition.
• Five new directors were appointed to fill the board vacancies created by the resignations.

Sources:

• PRNewswire, McM Corporation Announces IAT Reinsurance Syndicate Ltd's Acceptance of Tender Offer for McM's Common Shares (October 1, PRNewswire).
• Nasdaq, McM Corporation (MCMC) (October 1, Nasdaq).