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2015-12-23T00:00:00.000Z

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Wrong Gregory Shepard?

Mr. Gregory Shepard M.

Frequent and Harsh Critic of Management

DONEGAL GROUP INC

HQ Phone: (717) 426-1931

DONEGAL GROUP INC

1195 River Road Box 302

Marietta, Pennsylvania 17547

United States

Company Description

Donegal Group is a property and casualty insurance holding company whose insurance subsidiaries offer personal and commercial lines of insurance to businesses and individuals in six Mid-Atlantic states (Connecticut, Delaware, Maryland, New York, Ohio and ... more

Find other employees at this company (474)

Background Information

Affiliations

Board Member
21st Century Insurance Group Inc

Web References (27 Total References)


Gregory M. Shepard, an ...

www.insurancejournal.com [cached]

Gregory M. Shepard, an activist investor who's been a major stockholder of Pennsylvania-based Donegal Group and a frequent critic of the company, has sold off his shares.

Shepard's stake consisted of 3.675 million shares of Donegal Group Class A common stock and 400,000 shares of Donegal Group Class B common stock - which together made up 10 percent of the voting power in Donegal Group. He sold all of his shares to Donegal Group and Donegal Mutual Insurance Co. for approximately $70.04 million, according to securities filings.
Shepard has been a Donegal Group stockholder since 2005 and was Donegal's largest shareholder with the exception of Donegal Mutual, the holder of the majority voting control of Donegal Group.
The Securities and Exchange Commission filings on Dec. 22, 2015, show that the sales agreement contains "standstill" provisions where Shepard and his affiliates agree not to take actions with respect to seeking control of Donegal Group for a period of 25 years from the date of the sale. This means Shepard would no longer try to get involved in Donegal Group's business affairs or buy Donegal's stock.
As a result of these purchases, Donegal Mutual will now hold 73.8 percent of the total voting power of Donegal Group's common stock outstanding, and Shepard owns no shares of either class.
...
Shepard, a Florida-based lawyer and former insurance executive, has publicly criticized Donegal Group's management and ownership in recent years. In 2014, he charged that Donegal Group's Board of Directors has "failed miserably" to meet its fiduciary duties and that Donegal shareholders have suffered from the company management's lack of commitment to shareholder value.
Shepard also unsuccessfully pushed for the sale of Donegal Group to a third party and announced in 2014 that he had plans to approach at least 18 property/casualty insurance companies to discuss their possible interest in acquiring Donegal Group.


Gregory M. Shepard, an ...

www.insurancejournal.com [cached]

Gregory M. Shepard, an activist investor who's 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.

Shepard's stake consisted of 3.675 million shares of Donegal Group Class A common stock and 400,000 shares of Donegal Group Class B common stock - which together made up nearly 10 percent of the voting power in Donegal Group. He sold all of his shares to Donegal Group and Donegal Mutual Insurance Company for approximately $70.04 million.
Shepard has been a Donegal Group stockholder since 2005 and was Donegal's largest shareholder with the exception of Donegal Mutual, the holder of majority voting control of Donegal Group.
Standstill Provisions
The Securities and Exchange Commission filings Tuesday show that the sales agreement contains "standstill" provisions in which Shepard and his affiliates agree not to take control-seeking actions with respect to seeking control of Donegal Group for a period of 25 years from the date of the sale. This means Shepard would no longer try to get involved in Donegal Group's business or buy Donegal's stock.
As a result of these purchases, Donegal Mutual will now hold 73.8 percent of the total voting power of Donegal Group's common stock outstanding, and Shepard owns no shares of either class.
...
Shepard, a Florida-based lawyer and former insurance executive, has publicly criticized Donegal Group's management and ownership in recent years. Last year, he charged that Donegal Group's Board of Directors has "failed miserably" to meet its fiduciary duties and that Donegal shareholders have suffered from the company management's lack of commitment to shareholder value. Shepard also unsuccessfully pushed for the sale of Donegal Group to a third party and announced last year that he had plans to approach at least 18 property/casualty insurance companies to discuss their interest in acquiring Donegal Group.
...
Topics:Business Moves & Mergers, Donegal buys out activist investor's shares, Donegal Group, Donegal Mutual Insurance Company, Gregory M. Shepard, Gregory M. Shepard sells Donegal Group shares Have a hot lead? Email us at newsdesk@insurancejournal.com Get Insurance Journal Every Day Subscribe


Insurance News - ISU Coverall Insurance Group

www.coverall-insure.com [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 [cached]

Gregory M. Shepard Offers a Closing Bonus to a Successful Purchaser of Donegal Group


Gregory M. Shepard Offers a ...

www.stockhouse.com [cached]

Gregory M. Shepard Offers a Closing Bonus to a Successful Purchaser of Donegal Group Inc.

...
Gregory M. Shepard Voluntarily Withdraws Form A Applications - Blasts Donegal Group's Board and CEO Don Nikolaus

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