Aon Announces Completion of Acquisition of Auto Insurance Specialists.CHICAGO--(BUSINESS WIRE)--Oct. 5, 1998--Aon Corporation (Aon) today announced the completion of the acquisition of Auto Insurance Specialists (AIS). Headquartered in Hermosa Beach, California, AIS is an insurance broker specializing in preferred, standard and non-standard automobile insurance coverage. Terms of the transaction were not disclosed. The acquisition is being accounted for on a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. basis. In order to comply with pooling of interest Noun 1. pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free accounting rules, Aon Corporation rescinded its general authorization to repurchase Aon common stock for treasury. The rescission The abrogation of a contract, effective from its inception, thereby restoring the parties to the positions they would have occupied if no contract had ever been formed. By Agreement does not affect the systematic repurchase of Aon common stock for treasury to be used in connection with the company's newly adopted employee stock purchase plan. Aon 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 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 , Chicago, and London stock exchanges. |
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