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TORCHMARK ANNOUNCES AMENDMENT TO ACQUISITION PROPOSAL

 BIRMINGHAM, Ala., May 12 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) announced today that it has amended its previously announced proposal to acquire the approximately 16 percent of United Investors Management Company (NYSE: UTD) that it does not already own to change the consideration offered for each share of United non-voting common stock from $30.50 principal amount of a Torchmark convertible debenture to $30.50 in cash.
 R.K. Richey, chairman and chief executive officer of Torchmark, said that Torchmark modified its original proposal at a May 11 United board meeting. The independent directors of United comprise a special committee of United's board which is evaluating the Torchmark proposal.
 The special committee and its financial advisor, Goldman Sachs & Co., which had not completed their evaluation of the original Torchmark proposal, are reviewing the Torchmark proposal as modified.
 -0- 5/12/93
 /CONTACT: William T. Graves, 205-325-4251, or Lee Bartlett, 205-325-4204, both of Torchmark/
 (TMK UTD)


CO: Torchmark Corporation; United Investors Management Company ST: Alabama IN: INS SU: TNM

RA-BN -- AT016 -- 7792 05/12/93 17:29 EDT
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Publication:PR Newswire
Date:May 12, 1993
Words:176
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