Article: PennCorp Financial Group announces signing of definitive merger agreement with Washington National.

NEW YORK--(BUSINESS WIRE)--Nov. 15, 1996--PennCorp Financial Group Inc. (NYSE:PFG) announced today the signing of a definitive agreement to acquire the stock of Washington National Corp. (NYSE:WNT).

The transaction, valued at approximately $400 million, is subject to approval by PennCorp and Washington National shareholders and certain regulatory agencies, and is expected to be completed during the first quarter of 1997. The consideration for the transaction will be PennCorp Financial Group common stock and cash. The transaction is intended to be a tax free merger with respect to PennCorp Financial common stock received.

Under the agreement, the ...

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