Financial Services Industry
Industry: Email Alert RSS FeedUnitrin's repurchase plan shelved for the moment.
National Underwriter Life & Health-Financial Services Edition, September, 1994 by Connolly, Jim
American General Corp's $2.6 billion hostile takeover of Unitrin got a boost when Delaware Court of Chancery Vice Chancellor William Chandler III postponed Unitrin's planned stock repurchase plan. The insurance company's stock purchase plan would enable it to buy a maximum of 10 million of its 51.8 million common stock shares. American General's attorneys convinced the bankruptcy judge that the stock repurchase plan would harm American General and Unitrin stock holders.
Unitrin's stock repurchase plan is shelved through Sept. 27, allowing its hostile suitor, American General Corp., time to further its $2.6 billion bid for the Chicago-based insurer.
The decision issued by Vice Chancellor William Chandler Ill of the Delaware Court of Chancery on Aug. 26, stated...
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