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This profile was last updated on 12/23/15  and contains information from public web pages.

Mr. Gregory M. Shepard

Wrong Gregory M. Shepard?

Purchaser

Phone: (717) ***-****  HQ Phone
Local Address:  United States
DONEGAL GROUP INC
1195 River Road Box 302
Marietta , Pennsylvania 17547
United States

Company Description: Donegal Group Inc. is an insurance holding company whose insurance subsidiaries offer personal and commercial lines of property and casualty insurance to businesses...   more
Background

Employment History

  • Investor
    DONEGAL GROUP INC
  • Critic
    DONEGAL GROUP INC
  • Chairman and President
    American Union Insurance Company
  • Chairman of Directors and President
    Direct Auto Insurance Company
  • Chairman and President
    Illinois Healthcare Insurance Company

Board Memberships and Affiliations

  • Board Member
    21st Century Insurance Group
20 Total References
Web References
Insurance News - ISU Coverall Insurance Group
www.coverall-insure.com, 23 Dec 2015 [cached]
Gregory M. Shepard, an activist investor whos been a major stockholder of Pennsylvania-based Donegal Group and a frequent critic of the company, has sold his shares to the company Tuesday, according to securities filings.
Gregory M. Shepard Offers a ...
www.isn-inc.com, 7 April 2014 [cached]
Gregory M. Shepard Offers a Closing Bonus to a Successful Purchaser of Donegal Group | Full Story
...
Gregory M. Shepard Offers a Closing Bonus to a Successful Purchaser of Donegal Group
...
BRADENTON, Fla., April 7, 2014 /PRNewswire/ -- (NASDAQ: "DGICA" and "DGICB") - Gregory M. Shepard announced today that he is offering to pay a closing bonus to any property and casualty insurance company or other third party who completes a successful purchase of Donegal Group Inc. ("Donegal Group"), subject to definitive terms to be agreed to with the purchaser. Mr. Shepard announced today that he plans to approach at least 18 property and casualty insurance companies to discuss their interest in acquiring Donegal Group via a merger or affiliation with Donegal Mutual Insurance Company ("Donegal Mutual"). Mr. Shepard announced today, via an amendment to his Schedule 13D filed with the S.E.C, that he plans to offer a closing bonus to any company or hedge fund that acquires Donegal Group and Donegal Mutual. Mr. Shepard expects the range of the closing bonus to be between $5 million and $20 million, depending on terms to be negotiated. Mr. Shepard stated: "My intent now is to offer a closing bonus to any third party that can close on the acquisition of Donegal Group. In my opinion, Donegal Group's Board of Directors has failed miserably to meet its fiduciary duties and is one of the worst boards in corporate America. I intend to hold them to account." Mr. Shepard continued: "It is high time for the boards of these two companies to do the right thing by their shareholders and policyholders.
...
Mr. Shepard announced these changes today to Item 4 of his Schedule 13D. Any interested property and casualty insurance company, hedge fund or investment banker is encouraged to call Mr. Shepard at (309) 310-1331.
Shepard makes bigger offer for ...
lancasteronline.com, 3 Aug 2013 [cached]
Shepard makes bigger offer for Donegal Group stock
...
Gregory Mark Shepard didn't fly the white flag for long.
On Thursday, Aug. 1, he dropped his tender offer that would have increased his minority stake in Donegal Group.
But on Friday, Aug. 2, Shepard disclosed a new and bigger offer that would give him control of the firm.
Shepard, a disgruntled Donegal Group shareholder, said Aug. 2 that he is offering to buy 3.3 million Class B shares of Donegal Group stock.
He would pay $22 a share, for a total of $72.6 million.
The stock closed at $20.35 a share on Aug. 1. It closed at XXX a share on Friday, Aug. 2.
If successful, Shepard would own 53.5 percent of the voting power in the company.
That would give him control of the firm and let him put his nominees in most seats on the Donegal Group board.
Though Shepard has been sparring with Donegal Group management for years, he said he wants the deal to be "amicable."
An amicable transaction would be in the best interests of the firm, its shareholders and its employees, according to Shepard.
"On behalf of all (Donegal Group) shareholders, I sincerely hope that you accept my invitation," he said in a letter to the firm.
...
Shepard, of Bradenton, Fla., is an attorney and investor who's been a Donegal Group investor since 2005.
Several times he has sharply criticized management as ineffective and the firm as underperforming, suggesting it sell itself.
Donegal Group has defended the company's strategy and results.
In March, Shepard announced a tender offer to acquire 963,000 Class B shares for $30 each.
...
When the twice-extended deadline passed Wednesday with only 394,000 shares tendered, Shepard dropped the offer.
In unveiling the new offer Friday, Shepard again jabbed at Donald H. Nikolaus, Donegal Group president and chief executive officer.
Shepard said he reduced his offer to $22 because Nikolaus "apparently believes I am overpaying" at $30.
Shepard asks that the boards of Donegal Group and Donegal Mutual "do their fiduciary duty, and not let (Donegal Group) and Donegal Mutual continue as a Nikolaus family fiefdom."
Shepard said he was confident he could obtain financing for the transaction if it is done on an amicable basis.
"I have been in preliminary contact with a large investment bank, and with lending institutions," he said, "and have been informed that on an 'amicable' basis, there should be no problem in facilitating the acquisition of control of (Donegal Group), especially in light of the amount of capital I would contribute to the transaction."
Shepard did not specify the amount of capital he would put in.
If Donegal Mutual rebuffs him, Shepard said, he will rekindle his original plan to buy 963,000 Class B shares, but do so in the open market and in privately negotiated transactions.
21st Century Insurance | Investors | Board of Directors
ir.i21.com, 18 April 2004 [cached]
Gregory M. ShepardDirector
Chairman of the Board and President of American Union Insurance Company (AUIC) since 1985.Previously, Mr. Shepard also served as Chairman of the Board of Directors and President of Direct Auto Insurance Company, which changed its...
Gregory Mark Shepard said ...
lancasteronline.com, 1 Aug 2013 [cached]
Gregory Mark Shepard said Thursday that he has canceled his offer to buy 963,000 Class B shares of Donegal for $30 a share.
Had Shepard's offer been successful, his stake in Donegal would have risen to 22.7 percent from 9.99 percent.
The announcement comes after Wednesday's deadline for tendering shares passed with only 394,000 shares tendered.
Shepard, who already had extended the deadline twice, said he will not extend the deadline again.
Rather, he will return the tendered shares to their owners, ending his four-month campaign.
Donegal, a Marietta-based insurance holding company, had criticized Shepard's $28.9 million offer as "illusory."
The company pointed out that Shepard's offer needed the approval of six state insurance departments, among other clearances, none of which he obtained.
Donegal also noted that Shepard said he needed at least 925,000 shares to be tendered to go forward with his purchase.
Hitting that threshold would have required at least some Donegal directors or management to tender their shares, which the directors and management vowed not to do.
Shepard unveiled his offer in March. The price represented a 42 percent premium over the Class B price immediately before his announcement.
Initially, Shepard made the offer conditional on two main points.
He wanted to be allowed to appoint three directors to the board of Donegal and three to the board of its majority owner, Donegal Mutual.
Shepard also wanted Donegal to agree to award no new stock options to its leadership.
He later dropped those conditions.
Shepard, an attorney and Donegal investor since 2005, is a frequent critic of Donegal's board and management.
He says the company is underperforming, so it should consider a sale or merger. Donegal defends its business strategy as effective.
Shepard, of Bradenton, is the former chairman and president of American Union Insurance Co. and former co-owner of Country Acres Land Corp., an Illinois developer.
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