Analysts reacted positively today to news that American International Group proposed to expand its stake in 21st Century Insurance Group by buying the remaining portion for roughly $690 million.
New York-based AIG said last night it has submitted a letter to the board of directors of the Woodland Hills, Calif.-based personal lines insurer, proposing to acquire 38.1 percent of shares publicly held for $19.75 per share in cash.
AIG and its subsidiaries now own roughly 61.9 percent of the outstanding shares, which means that following the deal, 21st Century would become a wholly owned subsidiary of AIG.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
