AIG Looks to Acquire Outstanding Shares of Auto Insurer 21st Century

American International Group, Inc. (AIG) has submitted a letter to the board of directors of 21st Century Insurance Group proposing to acquire the outstanding 38.1 percent publicly held shares of 21st Century for $19.75 per share in cash.

AIG and its subsidiaries own approximately 61.9 percent of the outstanding shares of 21st Century. The aggregate cash consideration payable would be approximately $690 million. Following the transaction, 21st Century would become a wholly owned subsidiary of AIG.

AIG Looks to Acquire Outstanding Shares of Auto Insurer 21st Century
Source: Insurance Journal