Meadowbrook Completed its Stock Offering

Meadowbrook Insurance Group has completed an offering of 5.5 million additional shares of newly issued common stock at $9.65 per share, the company announced Thursday. The gross proceeds of the offering are $53.1 million. In addition, the underwriters have 30 days to exercise up to an additional 937,500 shares to cover over-allotments, if any, Meadowbrook said in a press release. Meadowbrook said it is using the net proceeds to reduce its line of credit credit, support organic growth within its underwriting operations, fund potential acquisitions and other general corporate purposes. ...