South Carolina-based The Seibels Bruce Group, Inc. announced a stock tender program allowing shareholders owning fewer than 100 shares of Seibels Bruce stock to sell their shares to the company.
The voluntary program gives eligible shareholders the opportunity to sell all of their shares back to the company without incurring transaction fees. The program will be in effect through June 23, 2003 for shareholders of record on March 10, 2003. The price to be
paid to shareholders is $2.50 per share.
Seibels Bruce is making no recommendation to shareholders as to whether they should act upon this offer. A letter explaining the details of the program will be mailed to all eligible shareholders.
The Seibels Bruce Group, Inc. is a holding company for four property and casualty companies that offer commercial and nonstandard automobile insurance. In addition, Seibels Bruce offers claim administration services to insurance companies and other businesses through Insurance Network Services, Inc.; flood zone determination
and related services through America’s Flood Services, Inc.; and managing general agency services through Seibels, Bruce & Company.
Was this article valuable?
Here are more articles you may enjoy.