Citigroup Announces an Increase of the Tender Offer Price for Travelers Property Casualty Class A Common Stock to $41.95 per Share.Business Editors NEW YORK--(BUSINESS WIRE)--April 6, 2000 Citigroup (NYSE NYSE See: New York Stock Exchange : C) announced today that it has increased the purchase price being offered in its cash tender offer for all the publicly-held shares of Travelers Property Casualty (NYSE: TAP), from $41.50 to $41.95 per share in cash. The cash consideration for shares purchased in the subsequent merger will likewise be increased. All those who have previously tendered their shares in connection with the tender offer will receive the higher price for their shares. The Travelers Board of Directors approved the tender offer on March 21, 2000 and it is currently scheduled to expire on April 19, 2000. Citigroup also announced that it and Travelers Property Casualty Corp. reached a preliminary settlement of the purported pur·port·ed adj. Assumed to be such; supposed: the purported author of the story. pur·port  ed·ly adv. stockholder
class actions opposing Citigroup's cash tender offer and subsequent
merger transaction, currently pending before the Delaware Chancery
Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England.The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . . The preliminary settlement, which is subject to the execution of a definitive settlement agreement and judicial approval, would provide for a release of the claims asserted in the lawsuits. Citigroup, Travelers and each of its directors have agreed to the settlement of these class actions to eliminate the burden and expense of further litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and to permit the tender offer and the merger to proceed as scheduled. Citigroup (NYSE:C), the most global 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. company, provides some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.citigroup.com. Travelers Property Casualty (NYSE: TAP) is a leading provider of a broad range of insurance products and services for commercial markets, including 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. , integrated disability, property, liability and specialty lines, and fidelity and surety bonds surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. . The Company is also a leading provider of homeowners and auto insurance for consumers. For more information on Travelers Property Casualty and its products, please visit the Company's Web site at www.travelers.com. |
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