COMPANY OFFERS SWEET DEAL TO PACIFICAMERICA.Byline: Ben Sullivan Daily News Staff Writer A Santa Monica-based workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. firm said Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant that it will pay $55 million to buy home mortgage lender PacificAmerica Money Center Inc. at a sharp premium on its stock price. Fremont Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. General Corp., the seventh-largest U.S. workers' compensation insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. , said it will pay $10 a share for PacificAmerica, or more than twice the issue's opening price Friday morning of $4.875. PacificAmerica shares soared $2.375 to $7.25. Fremont will pay 75 percent of the purchase price in cash, and the rest through its own stock. The purchase would give Fremont a portfolio of about $1.1 billion in outstanding home mortgages and could push its earnings up 15 to 20 cents in 1999, the company said. The deal would more than double Fremont's home loan business, giving it PacificAmerica's loan offices in 45 states. In a written statement Friday both parties said the deal should close in the first quarter of next year. PacificAmerica Chief Executive Joel Schultz said his company was ``pleased at the prospect of becoming a part of Fremont's financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. operations.'' |
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