Reuters: Regulatory News: Harleysville vote on Nationwide to proceed-report

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Harleysville vote on Nationwide to proceed-report Apr 20th 2012, 23:28 April 20 | Fri Apr 20, 2012 7:28pm EDT April 20 (Reuters) - A vote by shareholders of Harleysville Group Inc to approve the company's acquisition by Nationwide Mutual Insurance Co can proceed after a judge rejected a request for a preliminary injunction by some policyholders, according to a Bloomberg report. Policyholders of Harleysville's Pennsylvania-based corporate parent began a two-day hearing in the Court of Common Pleas in Philadelphia to block the deal, Reuters reported on Thursday. However, Judge Patricia McInerney took under advisement a request to establish a constructive trust with money from Harleysville directors' share of the deal, pending the outcome of litigation, Bloomberg reported on Friday. Nationwide Mutual agreed to be acquired for about $840 million in cash, or $60 per share, in September. The policyholders of the parent company sued to block the deal, arguing it favors shareholders of the subsidiary. Policyholders will not receive any cash in the deal as their mutually owned parent company is being merged into Nationwide. Shareholders of the Nasdaq-listed Harleysville Group will vote on Monday at the company's Harleysville, Pennsylvania headquarters, according to the Bloomberg report. Link this Share this Digg this Email Reprints

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