Nationwide files suit against allied group, begins tender offer
Article Abstract:
Nationwide Mutual Insurance Co. has filed a suit against Allied Group that asserts that AlliedEs directors have breached their fiduciary duty to shareholders. The suits come on the heels of NationwideEs $1.44 billion tender offer for all the common shares of Allied. The suit charges that not only have AlliedEs board members breached their fiduciary duty by not accepting this offer, but that they have sought to entrench themselves to the detriment of the companyEs shareholders by entering into a stock-rights agreemeents with Allied Mutual, the policyholder-owned group. As a result of this move, the suit asserts, Allied Mutual gained special rights to appoint board members.
Comment:
Nationwide files suit against Allied Group as part of $1.44 billion tender offer
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Buffet's Berkshire to buy General Re
Article Abstract:
Berkshire Hathaway will acquire the reinsurance company General Re Corp. for $23.5 billion in stock. The acquisition marks Berkshire's Warren Buffet as an increasingly prominent mover and shaker in the trend to consolidate the financial services industry. Adding this prominent reinsurance company to its already plentiful collection of insurance companies, Berkshire becomes a player in high-profile business deals. General Re, in exchange, gains access to a large amount of capital, and allows it to take more risk from insurance companies than before. The company's market position becomes significantly improved.
Comment:
Berkshire acquires General Re for $23.5 billion in stock
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Nationwide Mutual nears accord to acquire insurer Allied Group
Article Abstract:
Nationwide Mutual Insurance Co. is close to acquiring Allied Group Inc. for approximately $1.49 billion. The offer comes out to $48.25 a share. Allied Group had previously rejected an unsolicited bid from Nationwide of $47 a share. The planned acquisition of Allied Group is an attempt by Nationwide to extend its property-casualty operations to the Western US. Under the deal, Nationwide would also be acquiring Allied Mutual Insurance Co.
Comment:
Nationwide Mutual Insurance Co. is close to acquiring Allied Group Inc. for approximately $1.49 billion
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Comment about this article or add new information about this topic:
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