GREAT AMERICAN INSURANCE COMPANY ANNOUNCES COMPLETION OF TENDER OFFER FOR COMMON STOCK OF STI GROUP, INC.
CINCINNATI, Dec. 31 /PRNewswire/ -- Great American Insurance Company, a wholly owned subsidiary of American Financial Corporation, today announced that it has purchased 5,140,973 shares of common stock of STI Group, Inc. on a pro rata acceptance basis at $7.25 per share. While the definitive proration factor will not be available until after expiration of the guaranteed delivery period on Jan. 5, 1993, Great American Insurance Company estimates that 54 percent of all shares tendered pursuant to the offer have been accepted, assuming that all tenders utilizing the guaranteed delivery procedures are completed. Great American Insurance Company anticipates that it will be able to announce the final proration factor on Jan. 11, 1993. It is anticipated that checks for shares accepted will be mailed on Jan. 18, 1993 and that stock certificates for shares not accepted will be mailed at a later date. Consummation of this tender offer has satisfied one of the conditions to the previously announced acquisition of Great American Life Insurance Company by STI Group, Inc. from Great American Insurance Company, which is expected to close later today. Stockholders of STI Group may obtain preliminary information concerning the proration factor and other information concerning the offer from the Information Agent, Morrow & Co., Inc., 345 Hudson Street, New York, N.Y., 10014, 212-741-5511 or 800-533-7254. -0- 12/31/92 /CONTACT: Sandra W. Heimann of Great American Insurance Company, 513-579-2121/
CO: Great American Insurance Company ST: Ohio IN: INS SU: OFR
KK -- CL003 -- 0845 12/31/92 09:43 EST
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|Date:||Dec 31, 1992|
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