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TORCHMARK, UNITED INVESTORS ANNOUNCE DEFINITIVE MERGER AGREEMENT

 BIRMINGHAM, Ala., June 2 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) and United Investors Management Company (NYSE: UTD) announced today that they have entered into a definitive merger agreement pursuant to which Torchmark will acquire the approximately 16 percent of United Investors' outstanding shares that it does not already own for a cash purchase price of $31.25 per share.
 The merger agreement was approved by Torchmark's directors and by United's directors following the recommendation of a special committee composed of independent members of United's board appointed to evaluate the transaction and the receipt of a fairness opinion from the special committee's financial advisor.
 Consummation of the merger is subject to certain conditions, including the approval of the merger by majority vote of holders of United Investors' publicly held shares voting at a special meeting which is expected to be held in the third quarter of 1993.
 Torchmark Corporation is an insurance and diversified financial services holding company, whose principal operating subsidiaries are Liberty National Life Insurance Company, Globe Life and Accident Insurance Company, United American Insurance Company and United Investors Management Company, which is 84 percent-owned.
 United Investors Management Company is an asset management and insurance holding company headquartered in Kansas City, Mo. United Investors Management's principal subsidiaries are Waddell & Reed, Inc. and United Investors Life Insurance Company.
 -0- 6/2/93
 /CONTACT: William T. Graves, 205-325-4251, or Lee Bartlett, 205-325-4204, both of Torchmark Corporation/
 (TMK UTD)


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

BR-BN -- AT009 -- 4603 06/02/93 16:28 EDT
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Publication:PR Newswire
Date:Jun 2, 1993
Words:258
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