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UNITED INVESTORS MANAGEMENT COMPANY

 BIRMINGHAM, Ala., June 30 /PRNewswire/ -- Torchmark Corporation (NYSE: TMK) and United Investors Management Company (NYSE: UTD) announced today that United Investors has filed preliminary proxy materials with the Securities and Exchange Commission relating to a special meeting of United Investors' stockholders to approve the previously announced merger agreement between Torchmark and United Investors.
 Pursuant to the merger agreement, Torchmark will acquire the approximately 17 percent of United Investors' outstanding shares that it does not already own for a cash purchase price of $31.25 per share. Definitive proxy materials are expected to be mailed to United Investors' stockholders in August 1993 and the special meeting is expected to be held in September 1993.
 Torchmark also announced today that, prior to the consummation of the proposed merger, it may from time to time purchase shares of United Investors' non-voting common stock in the open market.
 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 83 percent owned.
 United Investors Management Company is an asset management and insurance holding company headquartered in Kansas City, Mo. United Investors' principal subsidiaries are Waddell & Reed, Inc. and United Investors Life Insurance Company.
 -0- 6/30/93
 /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-RA -- AT015 -- 7330 06/30/93 16:30 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:257
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