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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: JM who wrote (711)	4/24/1998 6:03:00 PM
From: John Carragher	Read Replies (1) \| Respond to of 4155

Conseco Ends Stock Buyback In Connection With Green Tree Buy Dow Jones Newswires CARMEL, Ind. -- Conseco Inc. (CNC) discontinued its share repurchase program due to its agreement to acquire Green Tree Financial Corp. (GNT). In a press release Friday, Conseco said it had repurchased 719,400 common shares prior to the termination of its buyback. A Conseco spokesman said it has about 185 million shares outstanding. As reported, the companies plan to merge in a stock swap transaction valued at about $7.6 billion, or $52.93 a share. Green Tree shareholders will own about 38% of the combined company. The companies expect the merger to close in the second or third quarter, pending shareholder and regulatory approvals. The companies have filed with the Federal Trade Commission for Hart-Scott-Rodino clearance and with the Federal Deposit Insurance Corp. and banking authorities in Utah and South Dakota. Approval is expected in about 60 days after each of the notices are deemed complete. The financial services companies expect to file notices of change of control with 11 states shortly. The completion of the merger requires certain states to be notified of, and in some cases to approve, the merger, because of Green Tree's licenses for its retail sales, mortgage lending and small loan finance businesses. The companies expect to obtain the required approvals within about 60 days. Briefing Book for: CNC \| GNT