American Financial Group Announces Subsidiary's Agreement to Acquire Ceres Group
02 5월 2006 - 8:04AM
PR Newswire (US)
CINCINNATI, May 1 /PRNewswire-FirstCall/ -- American Financial
Group, Inc. (NYSE:AFG) Nasdaq today reported that its 81%-owned
subsidiary, Great American Financial Resources, Inc. ("GAFRI")
(NYSE:GFR) has signed a definitive merger agreement to acquire all
of the outstanding shares of Ceres Group, Inc. ("Ceres")
(NASDAQ:CERG) through a cash merger. Under terms of the merger
agreement, GAFRI will pay $6.13 in cash for each outstanding share
of Ceres common stock, for a total purchase price of approximately
$205 million on a fully diluted basis. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO) S. Craig
Lindner, Co-CEO of AFG and President and CEO of GAFRI, commented on
the transaction by saying, "The acquisition of Ceres is consistent
with our strategy of using our excess capital to grow our core
lines of business. We believe Ceres is a very good strategic fit
with our existing supplemental health businesses. We believe that
post-acquisition GAFRI will be one of the top ten producers of
Medicare supplement products. In addition, the acquisition will
provide opportunities for us to make annuities and other products
available to the Ceres distribution network. We intend to focus on
completing the Ceres acquisition while continuing to look for
opportunities to grow and strengthen our core businesses through
acquisitions." The transaction is expected to be completed in the
third quarter of 2006. The transaction is subject to the approval
of Ceres' stockholders, certain Insurance Department approvals and
other customary conditions. Ceres provides an array of health and
life insurance products through its medical segment and senior
segment. With assets of approximately $775 million, Ceres has
approximately 600 employees located at its Cleveland, OH
headquarters and at offices in Omaha, NE and Mission, KS. About
American Financial Group, Inc. Through the operations of the Great
American Insurance Group, AFG is engaged primarily in property and
casualty insurance, focusing on specialized commercial products for
businesses, and in the sale of retirement annuities and
supplemental insurance products. Forward Looking Statements This
press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements in this press release not
dealing with historical results are forward-looking and are based
on estimates, assumptions and projections. Examples of such
forward-looking statements include statements relating to: the
Company's expectations concerning growth prospects, market and
other conditions, timing of the transaction, and expected market
share and any effect on future premiums, revenues, earnings or
investment activities.
http://www.newscom.com/cgi-bin/prnh/20041208/CLW086LOGO
http://photoarchive.ap.org/ DATASOURCE: American Financial Group,
Inc. CONTACT: Anne N. Watson, Vice President-Investor Relations of
American Financial Group, Inc. +1-513-579-6652 Web site:
http://www.afginc.com/ http://www.gafri.com/
http://www.greatamericaninsurance.com/
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