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Post by Sapphire Capital on Jul 22, 2008 4:03:02 GMT 4
North American Insurance to Liquidate, Dissolve Posted July 17, 2008
Shareholders of $115 million SPAC North American Insurance Leaders voted to return funds held in trust to investors and dissolve the company.
The SPAC will stop trading on July 21 and shareholders will receive about $7.99 per share on July 25.
A majority of North American Insurance shareholders voted against its proposed acquisition of insurance company Deep South Holding in March. North American Insurance would have paid about $110 million in cash and stock for Deep South.
Trading in the SPAC's stock slipped just below trust value on July 15 to close at $7.96.
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