Allcity Insurance Company announced that the New York Insurance Department has approved the minority share acquisition plan adopted by Leucadia National Corporation, as part of its acquisition of the company.
“Pursuant to the Plan of Acquisition, Leucadia will acquire all outstanding shares of Allcity’s common stock that it does not beneficially own for $2.75 per share in cash,” said the bulletin.” It noted that the plan, a copy of which has been sent to all concerned shareholders, is expected to become effective on November 12, 2003.
“Upon effectiveness of the Plan of Acquisition, Allcity will cease to be a publicly held company and shareholders of Allcity will be promptly sent notice of its effectiveness. The Plan of Acquisition may be terminated and the acquisition of Allcity’s common stock abandoned by the Board of Directors of Leucadia at any time prior to its effectiveness in its sole discretion,” the announcement concluded.
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