AIG Snubs Prudential's $5B Price Cut For Asian Unit

Law360, New York (June 1, 2010, 11:02 AM EDT) -- American International Group Inc. has rejected an attempt by U.K. insurer Prudential PLC to rework the terms of its initial $35.5 billion bid for AIG's Asian unit, putting the fate of the deal in question.

In a statement released Tuesday, AIG said it would not consider revisions to the most recent deal it has made with Prudential, which involves Prudential agreeing to pay $25 billion in cash, $8.5 billion in face value equity and equity-linked securities, and $2 billion in face value of preferred stock for...
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