An investor in StateAuto Financial Corp. (SFC) wants the company to hire an investment bank. And the Street, in response, revved up the shares. Gregory Shepard, who holds 5.1% of the $650 million market cap property and casualty insurer, said in a Dec. 13 13D that the firm should hire a leading investment bank to explore alternatives, both to merge SFC with another mutual insurance company. He submitted it as a proposal for the annual meeting to be voted upon. Shepard added that he has already talked with potential acquirors.
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