HALL SHAREHOLDERS MEETING TO BE HELD NOVEMBER 2
HALL SHAREHOLDERS MEETING TO BE HELD NOVEMBER 2 NEW YORK, Oct. 14 /PRNewswire/ -- Frank B. Hall & Co., Inc.
(NYSE: FBH) today announced that it has mailed to shareholders of record as of Oct. 7, 1992 its proxy statement relating to the previously- announced sale of its operating assets to Aon Corporation (NYSE: AOC), and its merger with a subsidiary of Reliance Group Holdings, Inc. (NYSE: REL).
The shareholders meeting to approve the transactions will be held Nov. 2, 1992, and it is anticipated that the closings will occur promptly after the shareholders meeting. Reliance Group, which owns 70.6 percent of the outstanding common stock of Hall, previously announced its intention to vote in favor of the transactions. In July, Hall announced that it had agreed to sell all of its operating assets to Aon Corporation for total consideration of $475 million in cash and Aon preferred stock, plus assumption by Aon of certain of Hall's operating liabilities. Under the terms of the merger with Reliance, Hall's common shareholders other than Reliance will receive .625 shares of Reliance common stock in exchange for each share of Hall they own. This release does not constitute an offering of Reliance common stock. Such offering is being made only pursuant to the proxy statement/prospectus mailed to Hall shareholders. -0- 10/14/92 /CONTACT: Brian T. Martin of Reliance Group Holdings, 212-909-1247/ (REL FBH AOC) CO: Reliance Group Holdings, Inc.; Frank B. Hall & Co., Inc.; Aon Corp. ST: New York IN: SU:
KD-TM -- NY095 -- 0127 10/14/92 18:02 EDT
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|Date:||Oct 14, 1992|
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