ICC Holdings, Inc. ( ICCH ) shares are jumping today after the company inked a definitive deal to be acquired by Mutual Capital Group, Inc. for a total equity value of around $73.8 million. 

As per the terms, MCG will acquire all outstanding ICCH shares for $23.50 in cash, representing a multiple of 1.07 times ICCH’s book value as of March-end.

The price represents a 48% premium to ICCH’s volume-weighted average stock price over the last 30 days and a 42% premium to ICCH’s 52-week high closing price.

The transaction is anticipated to conclude in the fourth quarter of 2024, pending customary closing conditions.

Following the closing, ICCH will maintain its operations as an independent subsidiary of MCG. Additionally, directors and executive officers of ICCH, collectively holding 25% of ICCH common stock, have expressed their intention to vote in favor of the transaction.

Also, Tuscarora Wayne Insurance Company, a subsidiary of MCH and holder of 6.4% of ICCH common stock, plans to vote its shares in favor of the transaction.

Price Action: ICCH shares are up 37.7% at $22.03 at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.