Citigroup Successfully Completes Tender Offer for Travelers Property Casualty Corp. Class A Common Stock.Business Editors NEW YORK--(BUSINESS WIRE)--April 20, 2000 Citigroup Inc. (NYSE NYSE See: New York Stock Exchange :C) today announced the completion of its cash tender offer to purchase all the outstanding shares of Class A common stock of Travelers Property Casualty Corp. (NYSE:TAP) at a price of $41.95 per share. Citigroup reported that a total of 52,053,023 shares of Travelers Class A common stock were tendered pursuant to the tender offer (including 8,648,291 shares subject to guarantees of delivery), which expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. at 12:00 midnight, New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on April 19, 2000, and that all such shares have been accepted for payment. After giving effect to the purchase of the shares tendered and together with 328,020,170 shares of Travelers Class B common stock which were converted by Citigroup into an equal number of shares of Class A common stock, Citigroup beneficially owns approximately 98.7 percent of the outstanding shares of Travelers Class A common stock. Tendering stockholders should receive the $41.95 per Share cash price promptly. Citigroup also announced today that an indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Citigroup intends to promptly effect a merger pursuant to which Travelers will become a wholly owned subsidiary of Citigroup, and all remaining Travelers stockholders (other than Citigroup and its subsidiaries) will have the right to receive the same $41.95 per share in cash paid in the tender offer. 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 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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