Leucadia Set to Buy Reliance Group

May 26, 2000

Leucadia National Corp. is set to buy struggling insurer Reliance Group Holdings Inc. in a stock swap valued at $293 million.

The deal will result in Reliance stockholders receiving roughly 0.11 share of Leucadia common stock for each Reliance share. The transaction is expected to be tax-free to Reliance stock holders.

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