NU Online News Service, Aug. 24, 2:45 p.m. – Independence Holding Company Inc., Stamford, Conn., has completed signing up the participants and setting the final price for a buyback of 200,000 shares of its own stock through a "modified Dutch auction."
Independence Holding is a holding company that sells life, health and disability policies and acquires blocks of policies through Standard Security Life Insurance Company of New York and Madison National Life Insurance Company Inc.
The company offered to buy back up to 200,000 shares of its 8 million shares of common stock within a price range of $15 per share to $16.75 per share.
The company held the modified Dutch auction, which began July 26 and ended Aug. 23, to determine the exact price and how much stock it would buy from each "tendering shareholder.".
The firm handling the auction found that shareholders had offered 462,684 shares. Because the offer was oversubscribed, Independence Holding will end up buying 43.41% of the stock from offered by each tendering shareholder, the company says.
