Crop Growers Links Up With Fireman’s Fund

Fri., March 7, 1997

From Staff And Wire Reports

Six weeks after clearing itself of a federal indictment, Crop Growers Corp. has agreed to be sold to Fireman’s Fund Insurance Co. for $81 million.

Crop Growers, which is based in Overland Park, Kan., and operates a regional office in Coeur d’Alene, said Thursday that it has agreed to a sale price of $10.25 per share unless a better offer is made by March 28. Crop Growers has 7.96 million common shares outstanding.

The offer from Fireman’s Fund, German-owned and based in Novato, Calif., thwarts a move last week by Carl Lindner’s Great American Insurance Co. to capture a 23 percent share in the company by buying a large stake held by John Hemmingson of Post Falls and another former Crop Growers executive.

Crop Growers stock price jumped Thursday from $8.50 to slightly more than $9.90 per share.

Crop Growers in January paid a $2 million fine to avoid prosecution of a two-count indictment of making illegal campaign contributions to the brother of former Agriculture Secretary Mike Espy.

, DataTimes

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Crop Growers Links Up With Fireman’s Fund

Jesse Tinsley

Jim Meehan

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