Columbia, S.C.-based property casualty insurance holding company The Seibels Bruce Group Inc. announced a stock tender program allowing shareholders owning fewer than 100 shares of Seibels Bruce stock to sell their shares to the company. The voluntary program gives eligible shareholders the opportunity to sell all of their shares back to Seibels Bruce without incurring transaction fees.
The program will be in effect through June 23, 2003 for shareholders of record on March 10, 2003. The price to be paid to shareholders is $2.50 per share.
“We feel this is beneficial to odd-lot shareholders because they will receive an attractive price relative to the current market price without paying selling costs. It benefits the company and other shareholders by reducing costs associated with the distribution of information to shareholders,” said Seibels Bruce President Michael A. Culbertson.
Seibels Bruce is making no recommendation to shareholders as to whether they should act upon this offer. A letter explaining the details of the program will be mailed to all eligible shareholders.
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