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Article: American General adds restructuring plan to sale process. (includes review of 9/19/90 board action in question/answer format)
- Article from:
- PR Newswire
- Article date:
- September 19, 1990
CopyrightCOPYRIGHT 1990 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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AMERICAN GENERAL ADDS RESTRUCTURING PLAN TO SALE PROCESS
HOUSTON, Sept. 19 /PRNewswire/ -- American General Corp. (NYSE: AGC) today announced that the board of directors has authorized management to add a restructuring plan as an alternative to the current efforts to sell the company as a whole. This revises the sale process originally announced at the May 2, 1990 annual shareholders' meeting.
The restructuring plan would provide for the sale of the Home Service insurance companies--which account for over half of American General's current operating earnings--and the continuation of a publicly owned holding company composed of the remaining ...