Exhibit (a)(1)(O)
HARTFORD FINANCIAL SERVICES GROUP INC. [LOGO]
THE HARTFORD SUCCESSFULLY COMPLETES TENDER OFFER
FOR SHARES OF HARTFORD LIFE
HARTFORD, Conn. -- The Hartford Financial Services Group Inc. (NYSE:
HIG) today announced the completion of its cash tender offer for all of the
publicly held shares of Hartford Life, Inc. Class A Common Stock for $50.50
per share.
A total of 21,654,794 shares of Hartford Life Class A Common Stock
were tendered pursuant to the tender offer (including shares tendered by
guaranteed delivery) as of 6 p.m. (EST) Wednesday, June 21, 2000, and all such
shares have been accepted for payment. As a result of the shares tendered,
combined with 114 million shares of Hartford Life Class B Common Stock
convertible into an equal number of shares of Class A Common Stock, The
Hartford will beneficially own approximately 96.87 percent of the outstanding
shares of Hartford Life Class A Common Stock. Tendering stockholders will
receive the $50.50 per share cash price as soon as practicable.
The Hartford intends to promptly complete the merger of Hartford
Life, as a result of which Hartford Life will become a wholly owned subsidiary
of The Hartford. All Hartford Life stockholders who did not tender their
shares (other than The Hartford and its subsidiaries) will have the right to
receive the same $50.50 per share in cash paid in the tender offer.
The Hartford is one of the nation's largest insurance and financial
services companies, with 1999 revenues of $13.5 billion. As of March 31, 2000,
The Hartford had assets of $172.4 billion and shareholders' equity of $5.7
billion. The company is a leading provider of investment products, life
insurance and employee benefits; automobile and homeowners products;
commercial property and casualty insurance; and reinsurance.
The Hartford's Internet address is www.thehartford.com.
