Hartford Announces Plan to Purchase Shares of Hartford Life

The Hartford Financial Services Group has agreed to make a cash tender offer for all of the publicly held shares of Hartford Life Class A Common Stock for $50.50 a share. The transaction is expected to be completed within 30 days of the offer.

Any shares not purchased in the offer would be acquired by The Hartford in a subsequent merger transaction at the same $50.50 per share cash price. When the transaction is completed, Hartford Life will be wholly owned by The Hartford.

The transaction completes a restructuring of The Hartford into two major operating entities: worldwide life operations and worldwide property-casualty operations.