Independence Holding Company Announces Results of Exchange Offer for American Independence Corp. Common Stock
August 15 2011 - 12:54PM
Independence Holding Company (NYSE:IHC) today announced the final
results of its previously announced offer to exchange shares of its
common stock for shares of common stock of American Independence
Corp. (Nasdaq:AMIC) (the "Exchange Offer"). The Exchange Offer
expired at 5:00 p.m. Eastern Time on Friday, August 12, 2011.
IHC has been advised by Broadridge Corporate Issuer Solutions,
Inc., the exchange agent for the Exchange Offer, that 1,109,225
shares of AMIC common stock were validly tendered and not withdrawn
as of the expiration of the Exchange Offer, all of which have been
accepted for exchange by IHC. In accordance with the terms of the
Exchange Offer, IHC will deliver approximately 693,266 shares of
its common stock in exchange for the tendered and accepted shares
of AMIC common stock. The consideration will be delivered promptly
by the exchange agent.
Following the completion of the Exchange Offer, IHC's total
ownership of AMIC will be 76%.
This press release is neither an offer to purchase nor a
solicitation to buy any shares of stock, nor is it a solicitation
for acceptance of the Exchange Offer.
About Independence Holding Company
IHC is a holding company principally engaged in the life and
health insurance business and the acquisition of blocks of policies
through its insurance company subsidiaries (Standard Security Life
Insurance Company of New York, Madison National Life Insurance
Company, Inc. and Independence American Insurance Company) and its
managing general underwriters, third-party administrators, and
marketing affiliates. Standard Security Life markets medical
stop-loss, small group major medical, short-term medical, major
medical for individuals and families, limited medical, group long
and short-term disability and life, dental, vision and managed
health care products. Madison Life sells group life and disability,
employer medical stop-loss, small group major medical, major
medical for individuals and families, short-term medical, dental,
vision, and individual life insurance. Independence American offers
medical stop-loss, small group major medical, short-term medical,
and major medical for individuals and families. IHC owns certain
subsidiaries through its majority ownership of American
Independence Corp. (Nasdaq:AMIC), which is a holding company
principally engaged in the insurance and reinsurance business.
CONTACT: DAVID T. KETTIG
(212) 355-4141
www.ihcgroup.com
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