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June 02, 1993|From Times Staff and Wire Reports

Allstate Offering Expected to Garner $27 a Share: Wall Street analysts predicted that investors will plunge into new shares of Allstate Corp. today and give Sears, Roebuck & Co. up to $2.43 billion in new capital in the biggest initial public offering in U.S. history. Shares in the No. 2 U.S. property-casualty insurer, representing 20% of the company, are expected to sell at the top of a stated $24-$27 target range. The deal marks the final piece of Sears to be spun off under the retailer's massive attempt to restructure itself. Although Allstate is still recovering from huge losses from Hurricane Andrew, analysts said it is well run.

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