Our firm is involved with several other law firms bringing claims against Alfa Corporation, Alfa Mutual Insurance Company, Alfa Mutual Fire Insurance Company, and Alfa Mutual General Insurance Company over their offer to buy common shares of Alfa Corporation that they did not already own for approximately $17.60 per share.
These Alfa entities (“the Mutual Group”) have stated that they will not entertain any offers from any other buyer. The Mutual Group now owns approximately 54.8% of Alfa Corporation’s common stock.
In the transaction, the Mutual Group would retain its shares, become the sole shareholder of Alfa Corporation and convert Alfa Corporation to a privately held corporation. We believe the transaction, at an unfair price of $17.60 per share, would permit the Mutual Group to take almost half of the equity in Alfa Corporation at the expense of its public shareholders.
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