National Atlantic shareholders say 'yes' to merger with Palisades Safety and Insurance

By Lisa Kerner

Charlotte, N.C., June 23 - National Atlantic Holdings Corp. said its shareholders approved the company's proposed merger with Palisades Safety and Insurance Association at a special meeting on Monday.

In March, National Atlantic entered into a definitive merger agreement to be acquired by Palisades Safety for $6.25 in cash per share.

According to a National Atlantic news release, the vote totals were 72.1% in favor, 27.8% against and 0.1% abstaining.

The transaction remains subject to New Jersey regulatory approval, the release stated.

National Atlantic will be merged with Palisades Safety subsidiary Apollo Holdings, Inc., with National Atlantic continuing as a wholly owned subsidiary of Palisades Safety and led by Apollo Holdings management.

Freehold, N.J.-based National Atlantic and its subsidiaries provide property and casualty insurance and insurance-related services.

Palisades Safety is a licensed insurance exchange based in Berkeley Heights, N.J.

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