Printer Friendly

PAINEWEBBER TO REPURCHASE 3,879,317 SHARES OF COMMON STOCK FROM THE YASUDA MUTUAL LIFE INSURANCE FOLLOWING CONVERSION OF PREFERRED STOCK

PAINEWEBBER TO REPURCHASE 3,879,317 SHARES OF COMMON STOCK FROM THE

YASUDA MUTUAL LIFE INSURANCE FOLLOWING CONVERSION OF PREFERRED STOCK
 NEW YORK, Feb.13 /PRNewswire/ -- PaineWebber Group Inc. (NYSE: PWJ) today announced that it has agreed to repurchase 3,879,317 shares of its common stock from The Yasuda Mutual Life Insurance Company at a price of $22 per share, or aggregate consideration of $85,344,974. This action follows Yasuda's decision to convert $75,000,000 (1,685,394 shares) of PaineWebber's 7 percent cumulative convertible exchangeable voting preferred stock, series A, into PaineWebber common stock, which follows PaineWebber common stock, which follows PaineWebber's decision to call for redemption of 1,685,394 shares of series A preferred stock.
 The 7 percent preferred stock was issued in December, 1987 to The Yasuda Mutual Life Insurance Company at $44.50 per share for a total of $300,000,000. The shares being converted represent 25 percent of the 6,741,574 shares of the 7 percent preferred stock outstanding. The current annual dividend on the stock being converted is $5.25 million.
 "PaineWebber and Yasuda have enjoyed a good and mutually beneficial relationship and we fully expect that this association will continue to grow and prosper," said Donald B. Marron, PaineWebber's chairman and chief executive officer.
 A Yasuda spokesman said, "We have an excellent relationship with PaineWebber's management and look forward to continuing as a long-term investor in the company." Yasuda continues to own $225,000,000 of the 7 percent cumulative preferred stock, which is convertible into 11.6 million shares of PaineWebber common stock.
 At Dec. 31, 1991, PaineWebber had 42.3 million common shares outstanding and 63.5 million average common shares on a fully diluted basis.
 PaineWebber Group Inc., with its subsidiaries PaineWebber Incorporated and PaineWebber International, serves the investment and capital needs of a worldwide client base. The firm employs approximately 12,900 people on 268 offices worldwide.
 -0- 2/13/92
 /CONTACT: Beverly T. Spano of PaineWebber, 201-902-6775, or Jeffrey Z. Taufield of Kekst and Company, 212-593-2655, for PaineWebber/
 (PWJ) CO: PaineWebber Group Inc.; The Yasuda Mutual Life Insurance Co. ST: New York IN: FIN SU: SH-AH -- NY049 -- 9728 02/13/92 12:00 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 13, 1992
Words:372
Previous Article:UNION CARBIDE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME
Next Article:OREGON STEEL MILLS ANNOUNCES ANOTHER RECORD-SETTING YEAR
Topics:


Related Articles
PAINEWEBBER DECLARES REGULAR QUARTERLY CASH DIVIDEND
RELIANCE BANCORP, INC. TO REPURCHASE COMMON STOCK
Mid Am, Inc. Declares Quarterly Cash Dividend, Reauthorizes Buyback Program
SunAmerica Increases Cash Dividend Level By 50%; Board Declares Quarterly Dividends
FBL Financial Group Completes $25 Million Stock Repurchase
Bay State Bancorp, Inc. to Repurchase Common Stock.
Warwick Community Bancorp, Inc. Announces Completion of Third Repurchase Program and Adoption of Fourth Repurchase Program.
UBS to Merge with PaineWebber.
Provident Mutual Life Insurance Company Members Approve Sponsored Demutualization and Merger with Nationwide Financial.
LEAD: S&P expects limited effect from Mizuho capital boost.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters