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BUSINESS
August 5, 1994 | From Times Staff and Wire Reports
Unitrin Takeover Bid Gets Costlier: American General Corp. voiced disappointment with Unitrin Inc.'s decision to adopt a stockholder rights plan, whose purpose is to frustrate its $2.6-billion cash bid for the Chicago-based insurer. Unitrin's plan would give stockholders the right to buy extra Unitrin shares for each share owned if anybody acquires 15% of the firm's existing stock without board approval.
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BUSINESS
August 13, 1994 | From Reuters
Unitrin Inc. said Friday that its board has authorized the repurchase up to 19.3% of its outstanding common stock, building its defense against American General Corp.'s unfriendly $2.6-billion takeover bid. The Chicago-based insurance company said it may repurchase up to 10 million of its 51.8 million common shares outstanding, using general corporate funds or bank loans. Analysts said Unitrin's buyback signals its determination to mount a stiff response to American General's bid.
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BUSINESS
August 6, 1994 | From Times Staff and Wire Reports
Unitrin Inc. Warns Against Buyout: The company said it opposes American General Corp.'s $2.6-billion buyout offer, saying it would violate state and federal antitrust laws. Chicago-based Unitrin and American General both focus on selling life insurance door-to-door in middle- and low-income areas, a costly process that limits new entrants to the market, Unitrin said.
BUSINESS
August 6, 1994 | From Times Staff and Wire Reports
Unitrin Inc. Warns Against Buyout: The company said it opposes American General Corp.'s $2.6-billion buyout offer, saying it would violate state and federal antitrust laws. Chicago-based Unitrin and American General both focus on selling life insurance door-to-door in middle- and low-income areas, a costly process that limits new entrants to the market, Unitrin said.
BUSINESS
August 3, 1994 | From Associated Press
In a move to strengthen its life insurance and consumer finance businesses, American General Corp. said Tuesday that it has offered to buy Unitrin Inc., a Chicago-based insurer, for $2.6 billion. It is the second time American General has offered to buy the company for that amount in recent weeks. Its first attempt, made July 12, was rejected July 26 by Unitrin's board, Houston-based American General said in a statement. The first offer was $50.375 a share, or $2.
BUSINESS
August 13, 1994 | From Reuters
Unitrin Inc. said Friday that its board has authorized the repurchase up to 19.3% of its outstanding common stock, building its defense against American General Corp.'s unfriendly $2.6-billion takeover bid. The Chicago-based insurance company said it may repurchase up to 10 million of its 51.8 million common shares outstanding, using general corporate funds or bank loans. Analysts said Unitrin's buyback signals its determination to mount a stiff response to American General's bid.
BUSINESS
January 17, 2001 | From Reuters
Los Angeles-based defense contractor Northrop Grumman Corp. said Tuesday it may amend its $3.8-billion merger deal with Litton Industries Inc. to give some Litton shareholders tax-free Northrop stock instead of cash. Northrop, the nation's No. 5 defense contractor, said it was holding talks with Litton and the military shipbuilder's largest shareholder, Unitrin Inc., about the possible change.
BUSINESS
August 13, 1994 | From Reuters
Unitrin Inc. said Friday its board has authorized the insurance company to repurchase up to 19.3% of its outstanding common stock, in a defense against American General Corp.'s unfriendly $2.6-billion takeover bid. The Chicago-based company said it may repurchase up to 10 million of its 51.8 million common shares outstanding, using general corporate funds or bank loans.
BUSINESS
November 30, 1994 | From Associated Press
American Brands Inc. is negotiating to sell its life insurance unit to American General Corp., a Houston-based insurer. The company said Tuesday that it is in "serious discussions" with American General over the possible sale of Franklin Life Insurance Co. The Wall Street Journal, citing unnamed sources familiar with the negotiations, reported Tuesday that the estimated $1.2-billion deal would involve a combination of long-term debt and preferred shares.
BUSINESS
August 5, 1994 | From Times Staff and Wire Reports
Unitrin Takeover Bid Gets Costlier: American General Corp. voiced disappointment with Unitrin Inc.'s decision to adopt a stockholder rights plan, whose purpose is to frustrate its $2.6-billion cash bid for the Chicago-based insurer. Unitrin's plan would give stockholders the right to buy extra Unitrin shares for each share owned if anybody acquires 15% of the firm's existing stock without board approval.
BUSINESS
August 3, 1994 | From Associated Press
In a move to strengthen its life insurance and consumer finance businesses, American General Corp. said Tuesday that it has offered to buy Unitrin Inc., a Chicago-based insurer, for $2.6 billion. It is the second time American General has offered to buy the company for that amount in recent weeks. Its first attempt, made July 12, was rejected July 26 by Unitrin's board, Houston-based American General said in a statement. The first offer was $50.375 a share, or $2.
BUSINESS
December 1, 1994 | From Reuters
American Brands Inc., acting on its plan to concentrate on its core businesses, said Wednesday it will sell its Franklin Life Insurance unit to American General Corp. for $1.17 billion in cash. American General, a Houston-based, diversified financial services holding company, has also been pursuing a $2.6-billion hostile takeover of another competitor, Unitrin Inc. Franklin Life, based in Springfield, Ill., focuses on the middle-income insurance market.
BUSINESS
February 12, 1993 | TOM PETRUNO
Henry E. Singleton built an empire of businesses across the aerospace, manufacturing and insurance fields in the 1970s and '80s. But at age 75, Singleton's primary occupation now is listed as "New Mexico rancher." And he has begun methodically deconstructing his billion-dollar corporate fiefdom.
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