ICC Holdings, Inc.

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Ademi LLP is investigating ICCH (NASDAQ: ICCH) for possible breaches of fiduciary duty and other violations of law in its transaction with Mutual Capital Holdings.

In the transaction, ICCH shareholders will receive only $23.50 in cash, which represents a total equity value of approximately $73.8 million. The transaction agreement unreasonably limits competing transactions for ICCH by imposing a significant penalty if ICCH accepts a competing bid. ICCH insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of ICCH’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.