Las Vegas Sun

December 1, 2009

Currently: 45° | Complete forecast | Log in

Bidding war possible for big U.S. insurer

Wednesday, April 4, 2001 | 10:56 a.m.

NEW YORK -- Global insurance giant American International Group Inc. of New York is offering $23 billion in stock for American General Corp., attempting to outbid Prudential PLC for control of the Houston-based insurance company.

However, London-based Prudential said today that its plan to acquire American General for $20 billion "remains in full force and effect," raising the possibility of a trans-Atlantic bidding war.

AIG Chairman and CEO Maurice Greenberg said in a statement that he hopes to talk soon with American General officials about the proposal, which values the company at $46 per share.

The offer represents a premium of 25 percent from American General's closing stock price of $36.80 Tuesday.

archive

  • Most Read
  • Discussed
  • Most E-mailed

Complete Listing

Calendar »

  • 1 Tue
  • 2 Wed
  • 3 Thu
  • 4 Fri
  • 5 Sat

All events on Tuesday »