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Allstate Buying American Heritage

CLIFF EDWARDS, AP Business Writer
AP Online
07-09-1999
Allstate Buying American Heritage

NORTHBROOK, Ill. (AP) -- Allstate Corp., moving aggressively to expand beyond its core property and casualty business, is buying workers' insurance company American Heritage Life Corp. for $1.1 billion.

The nation's largest publicly traded insurer said Friday it would pay $32.25 in stock or cash for each American Heritage share -- a 20 percent premium over American Heritage's closing price on Thursday.

Allstate also will assume the Florida-based company's obligations for redeemable preferred shares.

On the news, American Heritage shares shot up more than 15 percent, rising $4.12{ to $31.06\ a share on ...

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