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IHC Announces Final Results of "Modified Dutch Auction".
Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--Sept. 4, 2001
Independence Holding Company ("IHC") (NASDAQ: INHO) announced today final results of its "Modified Dutch Auction" tender offer, which expired on Thursday, August 23, 2001 at 5:00 p.m. Eastern time. IHC purchased 202,757 shares (including shares which became odd-lot shares as a result of the proration) at a purchase price of $16.75 per share, or $3,396,180.
Based on a final count by the Depositary 463,647 shares of common stock were properly tendered and not withdrawn. Since the offer was oversubscribed, the number of shares IHC will purchase from each tendering shareholder (other than odd-lot holders) will be pro-rated using a proration factor of 42.05%. The number of shares purchased represents approximately 2.5% of IHC's 7,985,595 shares of common stock outstanding as of August 6, 2001. ...
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