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TORCHMARK AND UNITED INVESTORS MANAGEMENT COMPANY AGREE ON PURCHASE PRICE

 BIRMINGHAM, Ala., May 27 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) and United Investors Management Company (NYSE: UTD) announced today that they have agreed in principle on a cash purchase price of $31.25 per share for the acquisition by Torchmark of the approximately 16 percent of United Investors' outstanding shares that it does not already own.
 In February, 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.
 Consummation of the transaction is subject to approval by the Torchmark and United Investors boards of directors, the negotiation and execution of a definitive merger agreement and certain other conditions, including the approval of the transaction by majority vote of holders of United Investors' publicly held shares voting at a special meeting. The revised proposal has been evaluated and approved by a special committee composed of independent members of the United Investors board of directors.
 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- 5/27/93
 /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-BR -- AT002 -- 2841 05/27/93 10:03 EDT
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Publication:PR Newswire
Date:May 27, 1993
Words:270
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