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Article: Washington National to be merged with PennCorp Financial Group.
- Article from:
- Business Wire
- Article date:
- November 15, 1996
CopyrightCOPYRIGHT 1996 Business Wire. 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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LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Nov. 15, 1996--Washington National Corp. (NYSE: WNT, WNT/Pr) today announced it has signed a definitive agreement to merge with PennCorp Financial Group Inc.(NYSE: PFG) The transaction, valued at approximately $400 million, is subject to approval by Washington National and PennCorp Financial 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.
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