Aon Announces Close of Tender Offer for Alexander & Alexander.CHICAGO--(BUSINESS WIRE)--January 15, 1997--Aon Corporation (Aon) announced today that it has accepted shares tendered pursuant to a tender offer for all outstanding shares of Common Stock, par value $1.00 per share, of Alexander & Alexander Services Inc. (A&A). Aon was advised by First Chicago Trust Company of 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 , the depositary for the offer, that as of the expiration of the offer at 12:00 midnight (EST EST electroshock therapy. EST abbr. electroshock therapy ), on Tuesday, January 14, 1997, approximately 44 million shares of A&A Common Stock (approximately 99% of the outstanding shares of A&A Common Stock) have been validly tendered and not withdrawn. All conditions to the closing of the purchase of the shares tendered pursuant to the offer have been satisfied. Patrick G. Ryan, chairman and chief executive officer of Aon, stated, "We are pleased that our tender offer for A&A has been successfully completed in keeping with our originally scheduled timetable. A&A is a great franchise and a natural fit with Aon, which will benefit all of our clients." The tendered shares are being purchased by an Aon subsidiary. It is expected that such subsidiary will be merged into A&A, with each share of A&A not tendered being converted into the right to receive $17.50 in cash following consummation of the merger. Also, as previously indicated, on Friday, January 17, 1997, Aon will be acquiring A&A's Series B preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. held by subsidiaries of American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. , Inc. Aon Corporation is an insurance services holding company that comprises a family of insurance brokerage, consulting and consumer insurance companies. Aon's common stock (Symbol AOC AOC, n an acronym for the Aromatherapy Organizations Council. ) is listed on the New York, Chicago and London stock exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Alexander & Alexander Services Inc. is a holding company which, through its subsidiaries, provides professional risk management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects , insurance brokerage and human resource management consulting services on a global basis. CONTACT: Aon Corporation, Chicago William J. Fasel Director, Financial Relations 312/701-3983 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion