American Bankers Shareholders Approve Merger.MIAMI--(BUSINESS WIRE)--July 22, 1999-- American Bankers American Banker is a daily newspaper covering the financial services industry. Founded in 1835 and based in New York, American Banker's 70 reporters and editors in six cities monitor developments and breaking news affecting banks. Insurance Group, Inc. (NYSE NYSE See: New York Stock Exchange :ABI Abi (ā`bī) [short for Abijah], in the Bible, King Hezekiah's mother. (Application Binary Interface) A specification for a specific hardware platform combined with the operating system. and ABIpb) announced that at a special meeting held Thursday, holders of American Bankers' common stock approved the merger of American Bankers into a wholly-owned subsidiary of Fortis, Inc., part of the international insurance, banking and investment group Fortis. Under the terms of the Merger Agreement, common stockholders of American Bankers will receive $55, without interest, in cash in exchange for each share of American Bankers common stock upon completion of the merger. American Bankers also announced that at another special meeting held today, holders of American Bankers' preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. approved the merger. Under the terms of the Merger Agreement, preferred stockholders of American Bankers will receive $109.857, without interest, in cash in exchange for each share of American Bankers preferred stock upon completion of the merger. Certain state insurance regulators and foreign jurisdictions still must approve the merger in order for the transaction to close. State insurance regulators in Florida and Arizona have already approved the merger. Also, the merger has cleared all regulatory approval at the Federal level and in certain foreign jurisdictions. Although a specific date is not known at this time, the closing will occur promptly following receipt of all regulatory approvals. Fortis, Inc. is part of the international Fortis group, which operates in the fields of insurance, banking and investments. Fortis' listed companies are Fortis (B) of Belgium and Fortis (NL) of the Netherlands. The securities of Fortis (B) trade on the Brussels, London and Luxembourg exchanges; the securities of Fortis (NL) trade on the Amsterdam, London and Luxembourg exchanges, and as ADRs on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on "Bulletin Board" in the U.S. American Bankers Insurance Group, Inc. (ABI) concentrates on marketing affordable specialty insurance products and services through financial institutions, retailers and other entities offering consumer financing as a regular part of their business. ABI, through its insurance subsidiaries, operates in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the Caribbean, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the United Kingdom. |
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