American National to Acquire Farm Family

April 6, 2001

American National Insurance Co. has received a nod from the New York State Insurance Department to acquire Farm Family Holdings. With this approval, the companies have received all of the approvals they need to complete the transaction.

The closing is scheduled for April 10. Under the terms of a definitive merger agreement, American National will acquire Farm Family at a price of $44 per share for Farm Family’s common stock and $35.72 per share for Farm Family’s Series A Preferred Stock in cash.

The consideration to be paid to the holders of the Series A Preferred Stock will also include any accrued and unpaid dividends to the closing date.

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