NEW YORK, Jan 24 (Reuters) - American International Group Inc. AIG.N said on Wednesday it wants to buy 21st Century Insurance Group TW.N by acquiring the outstanding 38.1 percent of its publicly held shares for $19.75 a share in cash.
AIG and its subsidiaries already own approximately 61.9 percent of the outstanding shares of 21st Century. The cost of the transaction would be about $690 million.
Following the sale, 21st Century would become a wholly owned subsidiary of AIG, which made the offer in a letter to the 21st Century board. The proposed share price represents a 19 percent premium to Wednesday’s closing price, AIG said.
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