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Kemper Sets Price of Its Shares at $65

May 04, 1994|From Associated Press

CHICAGO — Kemper Corp. named its price Tuesday: $65 a share.

The insurance and investment company described the figure as a target to determine whether it should be sold a year from now. But some analysts called it a counteroffer to General Electric Co.'s $55-a-share takeover bid.

"I think they're setting a floor on what they think they're worth in value, and it's up to GE to respond to that," said Michael Lewis of Dean Witter, Discover & Co.

Kemper shareholders will vote on GE's proposed takeover at Kemper's annual meeting next Wednesday.

Kemper Chairman David Mathis urged shareholders in a letter to reject GE's bid and be patient with the company's plan to boost its stock price. He said that if Kemper's stock fails to reach $65 on at least 10 of 20 consecutive trading days by May 26, 1995, the board will propose that Kemper be sold to the highest bidder.

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