Quick Stats

Quick Stats

    You are here

    American Financial Group Unloads $3.1M of Marsh Stock

    INDIANAPOLIS -- American Financial Group (AFG) has sold the $3.1 million worth of stock that it owned in Marsh Supermarkets here, according to an SEC filing. The Marsh stakeholder sold the shares for a reported bargain, almost $23,000 below the sale price that it could have gotten.

    INDIANAPOLIS -- American Financial Group (AFG) has sold the $3.1 million worth of stock that it owned in Marsh Supermarkets here, according to an SEC filing. The Marsh stakeholder sold the shares for a reported bargain, almost $23,000 below the sale price that it could have gotten.

    The lower sale price involved in the transaction, which was filed with the SEC on April 27, could possibly mean that the Cincinnati-based American Financial Group believes the sale of Marsh could fall apart, reported the Indianapolis Business Journal yesterday. It could also mean that AFG merely wanted to severe its investment with the supermarket chain sooner than later.

    The stock sale was the second such action of Marsh stock that AFG has executed in the last four months, according to report, which noted it was American Financial that urged Marsh's board to find a buyer for the company in order to get a return on its investment in the grocery chain.

    Last month, Marsh agreed to a deal in principle to be sold to private equity firm Sun Capital Partners for $88 million in cash.

    In other Marsh news, the Indianapolis Star reported that while the company's management team is almost certain to depart once the deal is tendered, the existing executives would receive ample compensation upon their exit. According to the paper, chairman Don Marsh will receive severance pay of at least $1.2 million a year for the next five years, according to federal filings, while Marsh is also eligible for an annual pension of more than $430,000. In addition, he will also receive over $13 million for the stock he owns if the letter of intent with Sun becomes a definitive agreement.

    Related Content

    Related Content