Shepard Raises Offer to $30.00 for 8,000,000 Shares of State Auto Financial Corporation.Business Editors BLOOMINGTON, Ill.--(BUSINESS WIRE)--June 23, 2003 Investor Greg Shepard, who owns approximately 5% of State Auto Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :STFC STFC Swindon Town Football Club STFC Self Test Feature Check STFC Shrewsbury Town Football Club STFC Star Trek: First Contact STFC Saskatoon Track and Field Club (Saskatoon, SK, Canada) ), by letter today offered to commence a tender offer for 8,000,000 of STFC's 10,896,332 public shares for $30.00 per share. Mr. Shepard stated that he would not tender his shares in the public tender offer, and that State Auto Mutual, and all directors and executive officers of State Auto Mutual and STFC would have to agree not to tender any of their shares. He also stated that his proposal would not involve the incurrence In`cur´rence n. 1. The act of incurring, bringing on, or subjecting one's self to (something troublesome or burdensome); as, the incurrence of guilt, debt, responsibility, etc. s> Noun 1. of any debt by State Auto Mutual, STFC or their subsidiaries or affiliates. STFC would not cash out its outstanding stock options. Any transaction Shepard might negotiate would be subject to customary due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , and be conditioned on his nominees representing a majority of the boards of directors of STFC, State Auto Mutual and its insurance subsidiaries and affiliates. In his letter, Shepard stated: "The many business benefits of this proposal are obvious. Not only is the current State Auto Mutual/STFC structure preserved, but State Auto Mutual's 26.3 million STFC common shares could be expected to rise in value significantly above their March 31, 2003 close of $16.90; perhaps increasing State Auto Mutual's financial strength by more than $200 million. My proposal provides those stockholders who now desire to sell their shares an extraordinary opportunity to do so. The remaining shareholders can rest assured that I am committed to enhancing - not ignoring - value for investors." Shepard asked for a response to his proposal before June 30, 2003 so that negotiations could begin. ADDITIONAL INFORMATION RELATING TO relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc MR. SHEPARD'S PROPOSAL IS CONTAINED IN THE SCHEDULE 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. FILED BY GREGORY M. SHEPARD M. Shepard is the tenth track on War All The Time. It is named for Matthew Shepard an American student at the University of Wyoming who was fatally attacked near Laramie, Wyoming, on the night of October 6 – October 7, 1998 in what was widely reported by international news WITH RESPECT TO STATE AUTO FINANCIAL CORPORATION. THAT SCHEDULE 13D IS CURRENTLY AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT http://www.sec.gov. |
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