Conning Corporation Reports On Metlife's Offer to Acquire the Outstanding Minority Shares of Common Stock.Business Editors ST. LOUIS, Mo.--(BUSINESS WIRE)--Jan. 18, 2000 Conning Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNNG) reported today that Metropolitan Life Insurance Company (MetLife) has proposed to acquire all of the outstanding shares of common stock not already controlled by MetLife for $10.50 per share in cash. MetLife recently acquired a beneficial interest of approximately 61% in Conning as a result of its January 6, 2000 acquisition of GenAmerica Corporation, Conning's indirect majority owner. Conning has received MetLife's proposal and the Conning Board of Directors will be evaluating the proposed transaction. Conning provides asset management services primarily to insurance companies and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. with discretionary assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , manages private equity funds investing in insurance and insurance-related companies, and conducts in-depth research on the insurance industry. This press release shall not be deemed to constitute a solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual or recommendation with respect to the MetLife proposal and no such solicitation or recommendation will be made except in compliance with applicable securities laws. The preceding discussions of expected future results may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual results could differ from expected results due to various factors discussed in company filings with the Securities and Exchange Commission. Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the : http://www.conning.com |
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