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Wrong Gregory Shepard?

Gregory M. Shepard

Purchaser

DONEGAL GROUP INC

HQ Phone:  (717) 426-1931

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

DONEGAL GROUP INC

1195 River Road

Marietta, Pennsylvania,17547

United States

Company Description

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries offer personal and commercial property and casualty lines of insurance in the Mid-Atlantic, Midwestern, New England and Southern regions of the U.S. The insurance subsidiaries of D...more

Background Information

Employment History

Chairman and President

American Union Insurance


Affiliations

21st Century Insurance Group Inc

Board Member


Web References(21 Total References)


Vigilant Compliance, LLCSEC Announces Charges Against Corporate Insiders for Violating Laws Requiring Prompt Reporting of Transactions and Holdings |

vigilantllc.com [cached]

Gregory M. Shepard, a beneficial owner of Donegal Group Inc.'s Class A common stock, agreed to pay an $80,000 penalty.


www.insurancejournal.com

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.


www.insurancejournal.com

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.


www.isn-inc.com

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


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