ICH Buys Most Of Integrated Resources, Owner Of Lear Jet
NEW YORK (AP) _ I.C.H. Corp. will spend $176 million to buy about 55 percent of Integrated Resources Inc., a financial services company that owns Learjet Corp., under an agreement announced Wednesday.
I.C.H., of Louisville, Ky., is an insurance holding company with $9 billion in assets. New York-based Integrated Resources is a diversified financial services company whose businesses include insurance.
Under the deal, I.C.H. will buy 7.5 million shares in Integrated Resources that are authorized but unissued, at a price of $21 a share.
I.C.H. also will buy 900,000 shares owned by three brothers of the Zises family who run Integrated Resources: Selig, Jay and Seymour. That price will also be $21 a share.
None of the Integrated Resources stock held by general shareholders is being bought. Integrated Resources stock fell $1 to $13.50 a share on the New York Stock Exchange, while I.C.H. fell 37 1/2 cents to $4.50 a share on the American Stock Exchange.
Integrated Resources bought Learjet last year, acquiring a 65 percent stake from Gates Corp. for $57 million and obtaining the rest of the Tucson, Ariz.- based maker of business jets through a tender offer.
Integrated Resources specializes in buying companies and then syndicating them as private limited partnerships. Pieces of the partnerships are sold to wealthy individuals and institutions in minimum amounts of $50,000 to $100,000.
Integrated Resources usually serves as the general partner in the limited partnerships. After a few years the companies often are sold again or taken public. Among other companies it has bought are Viewmaster and Steve’s Ice Cream.
Selig Zises is board chairman and chief executive of Integrated Resources; Jay Zises is chairman of the executive committee; and Seymour Zises is a managing executive with Integrated’s broker-dealer subsidiary.
The closing of the transaction is subject to a definitive agreement and certain regulatory approvals.