Jefferson-Pilot Parent Merges Into Lincoln Financial
October 10, 2005 at 7:09 AM (PT)
JEFFERSON-PILOT CORP. is merging into LINCOLN NATIONAL CORP. (parent of LINCOLN FINANCIAL GROUP) for about $7.5 billion in cash and stock. The transaction involves what J-P characterizes as a "merger of equals" but gives LINCOLN NATIONAL a majority of the merged company's board (8 to 7) and puts LINCOLN's CEO/Chairman JON BOSCIA as Chairman/CEO and J-P's CEO DENNIS GLASS as Pres./COO of the merged operation. J-P shareholders will end up with 39% of the new company.
JEFFERSON-PILOT COMMUNICATIONS, owner of 18 radio stations and three TV stations, will be part of the newly combined company, as will JEFFERSON-PILOT SPORTS, LINCOLN's DELAWARE INVESTMENTS, and LINCOLN U.K. The company will be headquartered at LINCOLN's base in PHILADELPHIA, although the broadcasting company will remain in GREENSBORO, NC.