MILWAUKEE and PHILADELPHIA, Sept 05, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- MGIC
Investment Corporation (NYSE: MTG) and Radian Group Inc. (NYSE: RDN) jointly
announced today that they have entered into an agreement that terminates their
pending merger. The companies cited as the rationale for doing so their mutual
agreement that current market conditions have made combining the companies
significantly more challenging. Both MGIC and Radian believe it is in their
best interests to remain independent companies at this time. All outstanding
litigation between the companies will be withdrawn. Neither party made a
payment to the other in connection with the termination.
Curt Culver, MGIC Investment's CEO, said, "I am pleased MGIC and Radian
were able to reach this amicable resolution. During the course of the merger
process, our MGIC team met many fine people from Radian. We wish them the
best."
S.A. Ibrahim, Radian Group's CEO, said, "Our mutual decision to terminate
the pending merger represents the best outcome for both companies under the
circumstances. We wish MGIC and its employees well."
SOURCE MGIC Investment Corporation
http://www.mgic.com/
