PHILADELPHIA, May 9 /PRNewswire-FirstCall/ -- Radian Group Inc. (NYSE:
RDN), a global credit risk management company, today announced that its
stockholders approved the merger of Radian and MGIC Investment Corporation
(NYSE: MTG). MGIC will be holding its annual meeting tomorrow, May 10, when
its stockholders will also vote on the merger.
As previously announced, the companies are expecting to complete the
merger late in the third quarter or early in the fourth quarter of 2007,
pending all remaining regulatory approvals.
About Radian Group Inc.
Radian Group Inc. is a global credit risk management company
headquartered in Philadelphia with significant operations in both New York
and London. Radian develops innovative financial solutions by applying its
core mortgage credit risk expertise and structured finance capabilities to
the credit enhancement needs of the capital markets worldwide, primarily
through credit insurance products. The company also provides credit
enhancement for public finance and other corporate and consumer assets on
both a direct and reinsurance basis and holds strategic interests in active
credit-based consumer asset businesses. Additional information may be found
at http://www.radian.biz.
Additional Information about the Radian/MGIC Transaction
MGIC Investment Corporation and Radian Group Inc. have filed a joint
proxy statement/prospectus and other relevant documents concerning the
MGIC/Radian merger transaction with the United States Securities and
Exchange Commission (the "SEC"). STOCKHOLDERS ARE URGED TO READ THE JOINT
PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN
CONNECTION WITH THE MERGER TRANSACTION OR INCORPORATED BY REFERENCE IN THE
JOINT PROXY STATEMENT/PROSPECTUS BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors may obtain these documents free of charge at the
SEC's website (http://www.sec.gov). In addition, documents filed with the
SEC by MGIC are available free of charge by contacting Investor Relations
at MGIC Investment Corporation, 250 East Kilbourn Avenue, Milwaukee, WI
53202. Documents filed with the SEC by Radian are available free of charge
by calling Investor Relations at (215) 231-1486.
MGIC and its directors and executive officers, certain members of
management and other employees are participants in the solicitation of
proxies from MGIC stockholders with respect to the proposed merger
transaction. Information regarding the directors and executive officers of
MGIC and the interests of such participants are included in the joint proxy
statement/prospectus filed with the SEC which relates to the merger
transaction and MGIC's 2007 annual meeting of stockholders-and in the other
relevant documents filed with the SEC.
Forward-looking Statement
The statement made in this news release regarding completion of the
merger is a "forward-looking statement" within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. This
statement is made on the basis of management's current views and
assumptions with respect to a future event. This statement, as well as
Radian's prospects as a whole, are subject to risks and uncertainties
associated with our proposed merger with MGIC, including, without
limitation: our ability to complete the transaction on the proposed terms
and schedule; the risk that the two companies and their businesses will not
be integrated successfully; customer attrition and disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or other business relationships; the risk that the
cost savings and any other synergies from the transaction may not be fully
realized or may take longer to realize than expected; the risk that
potential sales of assets in connection with the merger may negatively
impact the financial performance of the combined company; and the
possibility that the merger may not be completed, whether due to the
failure to receive the requisite stockholder or regulatory approvals or
otherwise, which may have an adverse effect on our customers, employees and
other business relationships, and may have a materially adverse impact on
our financial results and prospects. For more information regarding these
risks and uncertainties, as well as certain additional risks that we face,
investors should refer to the risk factors detailed in Part I, Item 1A of
our annual report on Form 10-K for the year ended December 31, 2006 and in
the joint proxy statement/prospectus for our 2007 annual meeting. We
caution you not to place undue reliance on this forward-looking statement,
which is current only as of the date of this news release. Radian does not
intend to, and disclaims any duty or obligation to, update or revise the
forward-looking statement made in this news release to reflect new
information, future events or for any other reason.
SOURCE Radian Group Inc.
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Related links:
http://www.radian.biz
http://www.sec.gov/
CONTACT:
Investors, Mona Zeehandelaar,
+1-215-231-1674, mona.zeehandelaar@radian.biz; Media, Michelle
Davidson, +1-215-231-1325, cell, +1-215-260-6760,
michelle.davidson@radian.biz, or Courtney Robinson,
+1-215-231-1762, cell, +1-215-629-6880,
courtney.robinson@radian.biz, all of Radian Group Inc.
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