Allcity Insurance Company Announces Approval of Plan of Acquisition by New York Insurance Department.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 31, 2003 October October: see month. 31, 2003. Allcity Insurance Company (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ALCI ALCI Appliance Leakage Circuit Interrupter ALCI American Council of Life Insurers ALCI Airlines Line Control Interface .OB) ("Allcity") announced today that the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Insurance Department has approved the Plan for Acquisition of Minority Interests in Allcity Insurance Company Pursuant to Section 7118 of the New York Insurance Law (the "Plan of Acquisition") previously adopted by Leucadia National Leucadia National Corporation (traded on the New York Stock Exchange as LUK) is a holding company that, through its subsidiaries, engages in mining & drilling services, telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses Corporation ("Leucadia"). Pursuant to the Plan of Acquisition, Leucadia will acquire all outstanding shares of Allcity's common stock that it does not beneficially own for $2.75 per share in cash. The Plan of Acquisition is expected to become effective on November 12, 2003. A copy of the Plan of Acquisition was mailed to Allcity shareholders on October 28, 2003. Upon effectiveness of the Plan of Acquisition, Allcity will cease to be a publicly held company and shareholders of Allcity will be promptly sent notice of its effectiveness. The Plan of Acquisition may be terminated and the acquisition of Allcity's common stock abandoned by the Board of Directors of Leucadia at any time prior to its effectiveness in its sole discretion. |
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