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August 6, 1988 | BRUCE KEPPEL, Times Staff Writer
A Los Angeles Superior Court judge Friday overturned as "absurd" the California insurance commissioner's ruling that state law forbids the purchase of Farmers Group by the U.S. subsidiary of Britain's BAT Industries. The subsidiary, Batus Inc. of Louisville, Ky., has offered $4.35 billion for the Los Angeles-based insurance holding company, but Batus must first win regulatory approval in California and the eight other states where Farmers subsidiaries have their headquarters.
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BUSINESS
August 6, 1988 | BRUCE KEPPEL, Times Staff Writer
A Los Angeles Superior Court judge Friday overturned as "absurd" the California insurance commissioner's ruling that state law forbids the purchase of Farmers Group by the U.S. subsidiary of Britain's BAT Industries. The subsidiary, Batus Inc. of Louisville, Ky., has offered $4.35 billion for the Los Angeles-based insurance holding company, but Batus must first win regulatory approval in California and the eight other states where Farmers subsidiaries have their headquarters.
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BUSINESS
May 19, 1998 | Bloomberg News
Nationwide Mutual Insurance Co. said it will begin a $1.5-billion tender offer for Allied Group Inc., offering a 69% premium in a rare hostile takeover in the insurance industry. Columbus, Ohio-based Nationwide, the sixth-largest U.S. property and casualty insurer, said it will offer Allied investors $47 a share. Allied shares soared $14.56 to close at $42.31 on the New York Stock Exchange. Nationwide wants to buy Allied to increase sales through independent agents in the Midwest.
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