ASFC Shareholders Approve Sale to SAFECO.INDIANAPOLIS--(BUSINESS WIRE)--Sept. 17, 1997--Shareholders of American States Financial Corporation (NYSE NYSESee: New York Stock Exchange :ASX ASX See: Australian Stock Exchange ) have approved and adopted an Agreement and Plan of Merger which provides for SAFECO Corporation (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :SAFC SAFC South Australian Film Corporation SAFC Sunderland Association Football Club SAFC Securities America Financial Corporation SAFC South Australia Film Corporation SAFC Stirling Albion Football Club (UK) ) to acquire 100 percent of ASFC ASFC Agence des Services Frontaliers du Canada (Border agency) ASFC Accrington Stanley Football Club ASFC Area-Scale Fractal Complexity (fractal geometry of engineering surfaces) ASFC Automated Shop Floor Control common stock. At a special meeting today, ASFC's shareholders approved the agreement which calls for SAFECO, a Seattle-based insurer and financial services provider, to acquire American States stock at a price of $47 per share. American States operates exclusively through independent insurance agents and is recognized as a prominent writer of property-casualty insurance for small- to medium-sized businesses. The company operates in more than 40 states, with its greatest market presence in the Midwest and Pacific Northwest regions. SAFECO, which wrote $2.3 billion in net written premium in 1996, will become the nation's 12th largest property-casualty insurer with the addition of American States which wrote more than $1.6 billion in net premium in 1996. The companies expect the transaction to be completed Oct. 1. CONTACT: American States Financial Corporation Investors: Mark Chappell, 317/262-6930 Media: John Cook, 317/262-6790 |
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