New Jersey-based Preserver Group announced that, following its successful tender offer (See IJ Website March 1), it no longer meets the requirements for listing on the Nasdaq Exchange, and has initiated the appropriate steps to remove its securities from trading on the exchange.
The move is part of the insurance company’s plan to become a privately owned corporation with the majority of its shares controlled by an affiliate established by the the members of the Executive Board. Plans call for a merger of the Group with the affiliate by April 18, 2002. Minority shareholders will receive the same price per share, $7.75, as the tender offer.
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