AIG is selling stake in PICC Property and Casualty for up to $1 billionStaff writer ▼ | December 8, 2015
American International Group (AIG) is selling a stake in PICC Property and Casualty worth up to $1 billion to institutional investors through a block deal.
Acquisition AIG faces pressure from billionaire activist investor Carl Icahn
The planned sale also comes as AIG faces pressure from billionaire activist investor Carl Icahn to split the company into three.
AIG is offering between 355 million and 365 million PICC P&C shares in a range of HK$16.08-HK$16.38 each, a term sheet of the deal showed. The basic offer is worth about $750 million, with a $250 million up-size option taking the total deal value to $1 billion, the terms showed.
The price range represents a discount of 4.3-6.1 percent to PICC Property's last traded price. ■