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Article: Allstate buys American Heritage
- Article from:
- Chicago Sun-Times
- Article date:
- July 9, 1999
- Author:
CopyrightCopyright 1999 Chicago Sun-Times. (Hide copyright information)
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Allstate Corp. is buying workers' insurance company American
Heritage Life Corp. for $1.1 billion as it continues to expand beyond
its core property and casualty business.
The nation's largest publicly traded insurer said today it would
pay $32.25 in stock or cash for each American Heritage share - a 20
percent premium to 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.
Allstate, based in Northbrook, has been moving aggressively this
year under the tenure of Chief Executive Ed Liddy to use its large
independent agent network to ...