Managing general agency Deep South Holding, L.P., said a proposed deal in which it would be acquired by North American Insurance Leaders Inc. for $110 million has been scrapped.
A majority of the stockholders of North American Insurance Leaders, a New York-based publicly traded special purpose acquisition corporation, voted against buying the Irving, Texas-based MGA at an annual meeting Tuesday.
Reacting to the vote, North American announced that because it will not be able to complete the deal, the acquisition firm may go into liquidation.
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