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TORCHMARK AND UNITED INVESTORS ANNOUNCE CONSUMMATION OF PROPOSED MERGER

 BIRMINGHAM, Ala., Oct. 1 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) and United Investors Management Company (NYSE: UTD) announced today that the proposed merger of United Investors with a subsidiary of Torchmark has been consummated.
 Pursuant to this merger, Torchmark acquired all of the United Investors shares that it did not already own for $31.25 per share in cash. The total value of the transaction was $216 million.
 The merger was consummated following the issuance of a decision by the Delaware Chancery Court this morning denying a motion by two United Investors shareholders to enjoin the proposed merger.
 United Investors' principal subsidiaries are Waddell & Reed, Inc., United Investors Life Insurance Company, and Torch Energy Advisors Incorporated. Waddell & Reed, Inc., Shawnee Mission, Kan., is the investment manager and sole distributor of the United and Waddell & Reed Groups of Mutual Funds, and also offers institutional investment management services. United Investors Life Insurance Company, Birmingham, underwrites individual life insurance and annuity products which are marketed through the sales force of Waddell & Reed and through independent agents. Torch Energy Advisors Incorporated, Houston, Texas, manages investments in proven oil and gas producing properties, acquires and operates oil and gas properties, engages in the marketing and brokering of energy products, and operates wells.
 -0- 10/1/93
 /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: OIL SU: TNM

RA-BR -- AT008 -- 7892 10/01/93 15:23 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:247
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