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Allstate Buying American Heritage
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AP Online
- Article date:
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July 9, 1999
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Copyright informationThis material is published under license from the Associated Press. All inquiries regarding rights should be directed to the Associated Press. (Hide copyright information)
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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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