February 13, 2018 / 10:59 PM / 10 months ago

BRIEF-Kemper To Acquire Infinity In $1.4 Billion Transaction

Feb 13 (Reuters) - Kemper Corp:

* KEMPER TO ACQUIRE INFINITY IN $1.4 BILLION TRANSACTION

* KEMPER CORP - DEAL FOR ‍$129.00 PER SHARE​

* KEMPER CORP - ‍TRANSACTION IS EXPECTED TO BE ACCRETIVE TO KEMPER’S EPS IN FIRST YEAR AFTER CLOSE​

* KEMPER CORP - ‍KEMPER WILL ACQUIRE INFINITY IN A CASH AND STOCK TRANSACTION​

* KEMPER CORP - ‍UNDER TERMS, INFINITY SHAREHOLDERS WILL RECEIVE $51.60 IN CASH AND 1.2019 KEMPER COMMON SHARES FOR EACH SHARE OF INFINITY COMMON STOCK​

* KEMPER CORP - ‍ TRANSACTION EXPECTED TO BE ACCRETIVE TO YEAR TWO EPS BY MORE THAN 10%, EXCLUDING RESTRUCTURING AND ONE-TIME ITEMS​

* KEMPER CORP - ‍TRANSACTION IS EXPECTED TO BE ACCRETIVE TO YEAR TWO EPS BY MORE THAN 10%, EXCLUDING RESTRUCTURING AND ONE-TIME ITEMS​

* KEMPER CORP - DEAL EXPECTED TO RESULT IN ANNUAL PRE-TAX COST SAVINGS OF APPROXIMATELY $55 MILLION, AND AN ADDITIONAL $5 TO $10 MILLION OF PRE-TAX EARNINGS

* KEMPER - ‍ EXPECTS TO FUND CASH PORTION OF CONSIDERATION WITH A COMBINATION OF CASH ON HAND FROM COMBINED COMPANIES AND OTHER INTERNAL RESOURCES​

* KEMPER CORP - ‍FOLLOWING DEAL CLOSE, INFINITY SHAREHOLDERS EXPECTED TO OWN APPROXIMATELY 20% OF COMBINED COMPANY ON A PRO FORMA BASIS​

* KEMPER - ‍AGREEMENT CONTAINS ELECTION PROCEDURE ALLOWING EACH INFINITY SHAREHOLDER TO SEEK ALL CASH OR ALL STOCK, SUBJECT TO PRORATION AND ADJUSTMENT​

* KEMPER CORP - ‍ AT DEAL CLOSING, CO WILL INCREASE ITS CURRENT BOARD OF DIRECTORS BY ONE SEAT AND SELECT A DIRECTOR FROM INFINITY TO JOIN KEMPER BOARD​

* KEMPER- NO ADDITIONAL FINANCING RESOURCES NEEDED TO CONSUMMATE DEAL, ALTHOUGH CO MAY EXPLORE ISSUING INSTITUTIONAL TERM LOAN PRIOR TO CLOSE OF DEAL

* KEMPER CORP - ‍UPON DEAL COMPLETION, INFINITY’S SENIOR MANAGEMENT TEAM TO BE INTEGRATED INTO NEWLY-COMBINED ORGANIZATION​ Source text for Eikon: Further company coverage:

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