Financial Industries Corporation, a company focused on life insurance business, has announced that its plan of merger with Americo Life has been approved by its shareholders.
The completion of the merger remains subject to the satisfaction or waiver of the remaining closing conditions in the merger agreement, including the pending approval of the Texas Department of Insurance.
Upon completion of the merger, each share of Financial Industries Corporation (FIC) common stock, other than shares held by Americo, FIC, or any of their respective subsidiaries, will be converted into the right to receive $7.25 in cash, without interest thereon, subject to downward adjustment in the event that the number of fully diluted shares of FIC common stock is above the maximum total specified in the merger agreement.
The merger is expected to close in mid-June of 2008.