Harleysville Group Inc. shareholders voted  to accept $60 a share from Nationwide Mutual Insurance Co., chief executive Michael L. Browne said in this statement this morning.
That price is far more than the stock's previous high, in the mid-$30s. Critics, including policyholders who have sued the company, say some of the price should be paid to policyholders, the mutual's nominal owners, as happened in previous mutual sales like Nationwide's purchase of the former Provident Mutual Life Insurance Co., Berwyn, ten years ago.
There were two votes:

1) Shareholders overwhelmingly endorsed Nationwide's rich price: Some 90% voted, and 99.8% of those votes supported Nationwide's share offer, according to Harleysville.

2) Policyholders separately approved the deal, even though they aren't getting any cash from the transaction. Harleysville said just 14% of eligible policyholders expressed a preference on the deal - and 87% of those voted in favor of the sale.

Mutual companies, including mutual funds like Vanguard Group, credit unions, and some of the biggest US auto, home and life insurance companies, are, in theory, owned by their policyholders, but in practice tend to be controlled by a self-perpetuating group of executives and directors free from public-company shareholder pressure.
Harleysville has an unusual structure in which the mutual controls the shareholder-owned Harleysville Group affiliate, and the same group of directors controls both firms. More commonly, a mutual may be controlled by a holding company that is partly shareholder-owned. 
Browne has said it's enough for policyholders, and for Pennsylvania law, that Nationwide is a bigger, more profitable mutual than Harleysville, so policies should be better protected after the merger, and no additional cash is owed.

The case has sparked interest from insurance-watchers who say it may be harder for policyholders to get cash in future mutual sales if Nationwide gets away without paying them this time. 

Last week, Judge Patrician McInerney of Philadelphia Common Pleas Court declined to issue a preliminary injunction stopping the sale, but agreed to consider a request to set aside the $19 million Browne stands to make from the deal, along with payments to ex-PA Gov. Bill Scranton and other Harleysville board members, while the policyholder lawsuits continue.
Harleysville's primary regulator, the Pennsylvania Insurance Department, has already approved the sale, on condition Nationwide keep Harleysville workers on the job for the next few years. Other states that must approve the sale have yet to weigh in.

Nationwide made a similar pledge when it bought Provident Mutual a decade ago. The company employed more than 1,600 in Pennsylvania after the sale; it now employs around 1,300, spokeswoman Elizabeth Christopher Giannetti told me. 
Harleysville expects the deal will close before June 30.