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FOR IMMEDIATE RELEASE CONTACT:
Friday, October 27, 2000 Kathleen Till Stange, Director of Investor Relations
(515) 226-6780, [email protected]
FBL FINANCIAL GROUP ANNOUNCES PRELIMINARY RESULTS OF TENDER OFFER
WEST DES MOINES, IOWA, OCTOBER 27, 2000 - FBL FINANCIAL GROUP, INC. (NYSE:
FFG) today announced preliminary results of its tender offer which expired
Thursday, October 26, 2000. Approximately 5,165,000 shares were tendered. FBL
expects to purchase 1,101,462 of these shares, which represents a proration
factor of approximately 21 percent. The number of shares and the proration
are preliminary and are subject to verification by ChaseMellon Shareholder
Services, L.L.C., which acted as the depository in the offer. The actual
number of shares tendered and the final proration factor will be announced
upon completion of the verification process. It is currently expected that
payment for all shares purchased will be made on or about Wednesday, November
1, 2000.
The tender offer commenced on September 26, 2000. Under terms of the offer,
FBL offered to purchase up to 1,101,462 of its Class A common shares at a
fixed price of $20 per share, for a total of $22.0 million. At that same
time, FBL announced a $53.0 million repurchase of 2,648,538 of its Class A
common shares from 19 Farm Bureau associated shareholders, also at a set
price of $20 per share. These two transactions represent a total repurchase
of $75 million for 3,750,000 Class A common shares, which is approximately
12.57 percent of FBL's Class A common shares outstanding.
FBL Financial Group (www.fblfinancial.com) is a holding company whose primary
operating subsidiaries include Farm Bureau Life Insurance Company and
EquiTrust Life Insurance Company. FBL underwrites, markets and distributes
life insurance, annuities and mutual funds to individuals and small
businesses. FBL's three-pronged growth strategy includes (1) internal growth
within its traditional Farm Bureau distribution network in 14 midwestern and
western states, (2) alliances and consolidations with other Farm Bureau
companies and (3) other alliances and consolidations.
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