Conseco Plans to Acquire Full Control of Two Insurers
CARMEL, Ind. (AP) _ Conseco Inc. said Monday it plans to buy the remaining shares of CCP Insurance Inc. and Bankers Life Holding Corp. that it does not already own for a total of about $727.5 million.
Conseco, an insurance and financial services concern, will present the proposals to the boards of the two companies on Wednesday. The stock would be purchased in separate transactions.
The companies would be merged into Conseco’s insurance operations.
Conseco currently owns about 49 percent of CCP, a life, accident and health insurer based in Carmel, Ind., and 60 percent of Chicago-based Bankers Life.
Under the proposal, Conseco would pay $22.50 per share for CCP’s 11.9 million outstanding shares and $22 per share for Bankers Life’s 20.9 million outstanding shares.
Conseco said it expected to complete both deals by the third quarter.