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Non-Tech : Twentieth Century Industries (Insurance) TW

TW 107.80

+0.5%

Dec 26 9:30 AM EST

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From: Carey Thompson	2/23/2007 1:55:24 PM
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AIG Makes Bid for Rest of 21st Century Wednesday January 24, 2007 5:12 pm ET AIG Offers $690 Million, or $19.75 Per Share, for Remaining 38.1 Percent Stake in 21st Century NEW YORK (AP) -- Insurance giant American International Group Inc. said Wednesday it sent a letter to the board of 21st Century Insurance Group offering to buy the 38.1 percent of the company it doesn't already own for $690 million, or $19.75 per share in cash. The deal values Woodland Hills, Calif.-based 21st Century at $1.71 billion. AIG and its subsidiaries currently own about 61.9 percent of the company, which sells inexpensive auto insurance and umbrella policies that provide an extra layer of liability coverage to homeowners and auto insurance, as well as cover non-traditional situations such as slander and libel. The company sells directly through mail, print and radio advertising, rather than through brokers. AIG said the proposed per-share price represents a 19 percent premium to Wednesday's closing price of $16.59, and a 25.5 percent premium to the stock's average closing price during the last 12 months. 21st Century's NYSE-listed shares have ranged between $13.58 and $18.03 over the past year. "Our proposal represents an excellent opportunity for 21st Century's shareholders to monetize their investment at a full and fair value for their shares. For AIG, this is an opportunity to make a substantial additional investment in a business we know well," said Martin J. Sullivan, president and CEO of AIG. AIG said it advised 21st Century it has no interest in selling off its controlling equity stake. Banc of America Securities LLC and J.P. Morgan Securities Inc. are serving as AIG's financial advisers and Sullivan & Cromwell LLP is serving as AIG's legal adviser in the transaction. AIG shares closed up 8 cents at $69.88 on the Big Board.

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