Independence Holding Company Announces Commencement of Tender Offer to Repurchase up to 1,000,000 Shares of Its Common Stock

STAMFORD, Conn., April 24, 2020 (GLOBE NEWSWIRE) -- Independence Holding Company (NYSE: IHC) announced today that it has commenced a tender offer to purchase up to 1,000,000 shares of its common stock at a price per share of $27.00, net to the seller in cash, without interest, less any applicable withholding taxes (the “Purchase Price”). The maximum number of shares proposed to be purchased in the tender offer represents approximately 6.8% of the 14,785,565 shares of IHC common stock outstanding as of April 24, 2020 and involves a gross aggregate purchase price of $27 million, assuming the maximum number of shares are tendered. 

The tender offer will expire at 5:00 p.m., Eastern time, on Thursday, May 21, 2020, unless extended by IHC. Tenders of shares must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer. The tender offer is subject to a number of terms and conditions described in the Offer to Purchase that is being distributed to stockholders.

On the terms and subject to the conditions of the tender offer, IHC’s stockholders will have the opportunity to tender some or all of their shares at a price of $27.00 per share. If stockholders properly tender a total of more than 1,000,000 shares, IHC will purchase shares tendered by those stockholders owning fewer than 100 shares, without proration, and all other shares tendered will be purchased on a pro rata basis, as described in the Offer to Purchase. Stockholders whose shares are purchased in the tender offer will be paid the Purchase Price promptly after the expiration of the tender offer period.

The Information Agent for the tender offer is D.F. King & Co., Inc. The Depositary is Broadridge Corporate Issuer Solutions, Inc. The Offer to Purchase, Letter of Transmittal and related documents are being mailed to stockholders of record and also will be made available for distribution to beneficial owners of IHC common stock. For questions and information, please call the Information Agent at: for banks and brokers: [phone]; for all others: [phone]; or email to [e-mail].

None of IHC, its Board of Directors or the Information Agent or the Depositary for the tender offer has made or will make any recommendations to stockholders as to whether to tender or refrain from tendering their shares in the tender offer. Stockholders must make their own decision as to how many shares they will tender, if any. In so doing, stockholders should read and evaluate carefully the information in the Offer to Purchase, Letter of Transmittal and related documents.