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SHAREHOLDER COMMENCES PROCEEDINGS TO ENJOIN TORCHMARK ACQUISITION OF UNITED INVESTORS MANAGEMENT

 BIRMINGHAM, Ala., Feb. 26 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) and United Investors Management Company (NYSE: UTD) said that a shareholder of United Investors commenced proceedings yesterday in Chancery Court in Delaware seeking to enjoin the proposed acquisition by Torchmark of the approximately 16 percent of United Investors which it does not already own in a merger transaction.
 Plaintiff alleges the public shareholders of United Investors would receive unfair and grossly inadequate consideration for their United Investors shares in the proposed transaction. The plaintiff seeks to maintain the action as a class action on behalf of all public shareholders of United Investors.
 Torchmark and United Investors announced on Monday, Feb. 22, that Torchmark had proposed to acquire each publicly held share of United Investors for $30.50 principal amount of a new issue of Torchmark convertible debentures, intended initially to trade at par. The proposal is subject to evaluation by a Special Committee composed of independent members of United Investors' board of directors. If approved by the committee, it is also subject to approval by a majority vote of the holders of United Investors' publicly held shares other than Torchmark.
 -0- 2/26/93
 /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: SU: TNM

BN -- AT002 -- 0725 02/26/93 08:56 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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