HALL COMPLETES SALE OF ASSETS AND MERGER WITH RELIANCE
HALL COMPLETES SALE OF ASSETS AND MERGER WITH RELIANCE NEW YORK, Nov. 2 /PRNewswire/ -- Frank B. Hall & Co. Inc.
(NYSE: FBH) today announced the completion of the sale of its operating assets to Aon Corporation (NYSE: AOC) for approximately $470 million in cash and Aon preferred stock, and its subsequent merger with a subsidiary of its majority shareholder, Reliance Group Holdings, Inc. (NYSE: REL).
Under terms previously announced, Hall's shareholders other than Reliance will receive .625 shares of Reliance common stock for each share of Hall they own. A letter of transmittal will be mailed to all shareholders of Hall so they may exchange their Hall stock certificates for certificates representing the shares of Reliance to which they are entitled. Bank of New York is the exchange agent in the merger transaction. -0- 11/2/92 /CONTACT: Brian T. Martin, vice president of communications 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: INS SU: TNM
KD-TM -- NY090 -- 1801 11/02/92 17:17 EST
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|Date:||Nov 2, 1992|
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