FBL Financial Group Announces Preliminary Results of Tender Offer.Business Editors WEST DES MOINES West Des Moines (də moin`), city (1990 pop. 31,702), Polk co., S central Iowa, a growing suburb W of Des Moines; inc. 1893 as Valley Junction, renamed 1938. Products manufactured there include cement, metal items, and pumps. , Iowa--(BUSINESS WIRE)--Oct. 27, 2000 FBL FBL Full Bell Lines (coin grading) FBL Fly by Light FBL FIATA Bill of Lading FBL Functional Baseline FBL Foundation for a Better Life FBL Federal Barge Lines, Inc. Financial Group, Inc. (NYSE NYSE See: New York Stock Exchange :FFG FFG Forschungsförderungsgesellschaft (German: Austrian research promotion agency) FFG Flash Flood Guidance FFG Guided Missile Frigate FFG Fall from Grace (band) FFG Fast Frigates FFG Freeware Flight Group ) today announced preliminary results of its tender offer which expired Thursday, October 26, 2000. Approximately 5,165,000 shares were tendered. FBL expects to purchase 1,101,462 of these shares, which represents a proration Proration A situation during a corporate action in which the available cash or shares are not sufficient to satisfy the offers tendered by shareholders. Therefore, a proportion of both cash and shares is granted for each offer tendered. factor of approximately 21 percent. The number of shares and the proration are preliminary and are subject to verification by ChaseMellon Shareholder Services, L.L.C., which acted as the depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. in the offer. The actual number of shares tendered and the final proration factor will be announced upon completion of the verification process. It is currently expected that payment for all shares purchased will be made on or about Wednesday, November 1, 2000. The tender offer commenced on September 26, 2000. Under terms of the offer, FBL offered to purchase up to 1,101,462 of its Class A common shares at a fixed price of $20 per share, for a total of $22.0 million. At that same time, FBL announced a $53.0 million repurchase of 2,648,538 of its Class A common shares from 19 Farm Bureau associated shareholders, also at a set price of $20 per share. These two transactions represent a total repurchase of $75 million for 3,750,000 Class A common shares, which is approximately 12.57 percent of FBL's Class A common shares outstanding. FBL Financial Group (www.fblfinancial.com) is a holding company whose primary operating subsidiaries include Farm Bureau Life Insurance Company and EquiTrust Life Insurance Company. FBL underwrites, markets and distributes life insurance, annuities and mutual funds to individuals and small businesses. FBL's three-pronged growth strategy includes (1) internal growth within its traditional Farm Bureau distribution network in 14 midwestern and western states, (2) alliances and consolidations with other Farm Bureau companies and (3) other alliances and consolidations. |
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