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Article: Erie Indemnity Company and Erie Insurance Exchange Announce Plans to Acquire Balance of Outstanding Erie Family Life Stock.
- Article from:
- PR Newswire
- Article date:
- March 21, 2006
CopyrightCOPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ERIE, Pa., March 21 /PRNewswire-FirstCall/ -- Erie Indemnity Company and Erie Insurance Exchange today announced that they intend to make a tender offer for all of the outstanding publicly held shares of Erie Family Life Insurance Company (BULLETIN BOARD: ERIF) . Erie Indemnity and Erie Insurance Exchange currently own 21.6% and 53.5%, respectively, of the outstanding common stock of Erie Family Life. The companies intend to offer to acquire the balance of Erie Family Life's common stock at $ 32.00 per share in cash. The $32 per share price represents a 6.7% premium over its closing price on March 21, 2006, and a 15.1% premium over the average closing price for the ...
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