LYCOS RETRIEVER 
Conseco: Stocks
built 635 days ago
Continuing on its acquisition splurge, Conseco entered into agreements to merge with Kemper Corporation, an insurance company much larger than Conseco, for about $2.6 billion. Conseco withdrew from the deal after deciding that the asking price would cause too much accumulation of debt. Termination of the agreement... created bank and accounting fees of about $36 million and spurred a Merrill Lynch analyst to downgrade the company's stock. Conseco subsequently severed its relationship with Merrill Lynch, which had handled Conseco's initial public offering.
Source:
Conseco Inc. (CNO) opened at 16.15. So far today, the stock has hit a low of 15.75 and a high of 16.25. CNO is now trading at 15.90, up 0.44 (2.72%). The stock hit its 52 week high of 21.30 in September and set its 52 week low of 13.25 in September. The stock has steadily fallen for the past three months, gaining some ground over the past few weeks. Conseco shares have been climbing in today's session after a Friedman Billings upped the stock to outperform from market perform.
Source:
Conseco's shares were down 9.2 percent to $15.11 in afternoon trading Wednesday on the New York Stock Exchange, after shedding 8 percent on Tuesday. The stock traded as low as $13.62 earlier on Wednesday.
Source:
In July 2002, Conseco stock fell below $1 for the first time in more than 12 years and the company was delisted from the Standard & Poor's 500. By August, guaranteed loans made to Conseco directors, officers and employes between 1996 and 1999 loomed as a giant obstacle imperiling the company's future and bankruptcy was considered.
Source:
Conseco shares, listed as "CNC" on the New York Stock Exchange, continued to slide Tuesday, falling 31.25 cents a share to $19.8125 by early afternoon. In March, the stock was trading above $37 a share.
Source:
Bondholders, who submitted a proposal in the talks to take full equity ownership of Conseco, are owed $2.5bn in public debt. Banks are due $1.5bn, with more than $2bn owed to holders of preferred stock.
Source:
MORE ABOUT
Stocks