Class Actions Seek To Prevent AIG Buyout

Law360, New York (March 1, 2007, 12:00 AM EST) -- 21st Century Insurance is facing two shareholder class actions seeking to stop American International Group Inc.’s $690 million proposed buyout of the auto insurer.

The lawsuits said the proposed per share price in the acquisition is unfair and seek a permanent injunction to prevent the proposed transaction, according to AIG’s 2006 annual report filed with the Securities and Exchange Commission Thursday.

AIG said it did not expect the lawsuits to affect its consolidated financial condition.

The lawsuits were filed shortly after AIG announced its acquisition offer...
To view the full article, register now.