Direct General shareholders vote to approve merger agreement with investor group

By Lisa Kerner

Charlotte, N.C., March 8 - Direct General Corp. shareholders voted to approve the proposed merger agreement entered into on Dec. 4 with an investor group including Calera Capital (formerly known as Fremont Partners) and TPG Capital (formerly known as the Texas Pacific Group).

Holders of 17,268,800 shares voted in favor of approving the merger agreement, which represents 84.9% of Direct General's total outstanding voting shares and 99.9% of the total votes cast, according to a company news release.

The private equity consortium will acquire the Nashville financial services holding company for $21.25 per share in cash, without interest.

The transaction is still subject to required regulatory approvals, as well as satisfaction of other closing conditions.

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