Conseco to Complete Washington National Acquisition on December 5.CARMEL, Ind.--(BUSINESS WIRE)--Dec. 4, 1997--Conseco, Inc. (NYSE NYSE See: New York Stock Exchange :CNC (Computerized Numerical Control) See numerical control. CNC - Collaborative Networked Communication ) said today that it has received all of the necessary regulatory approvals related to its acquisition of Washington National Corp. (NYSE:WNT WNT Windows New Technology (Microsoft) WNT Windows NT Virus WNT Waste Neutralization Tank WNT Windows Networking ) and that the transaction is expected to close tomorrow (December 5). In the acquisition, Conseco's 19th in its 15 years as an operating company operating company A business that engages in transactions with outsiders. , United Presidential Life Insurance Company (Kokomo, Ind.) and Washington National Insurance Company (Lincolnshire, Ill.) will become wholly owned subsidiaries 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 Conseco. In the transaction, each share of Washington National common stock will be converted into the right to receive $33.25 in cash, for a total transaction value of approximately $410 million. First Union National Bank will act as payment agent. Appropriate forms for presenting WNT stock certificates will be mailed shortly to all WNT stockholders of record. For further information, holders may contact First Union at 800.829.8432. Conseco is a financial services organization headquartered in Carmel, Ind. Through its subsidiaries, Conseco is one of the nation's leading providers of supplemental health insurance, retirement annuities and universal life insurance. -0- World Wide Web http://www.conseco.com Investor Hotline 800.4.CONSECO Fax-on-Demand 800.344.6452 CONTACT: Conseco, Inc. Jim Rosensteele, 317/817-2893 |
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