ÌìÃÀÍøÕ¾´«Ã½´«Ã½

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ Responded to key allegations in Prudential plc’s lawsuit against it by filing the documents with the Securities and Exchange Commission setting forth the terms of its $23 billion counter offer for American General. The move considerably weakens Pru’s attempt to obtain a temporary injunction which would halt merger talks between the two companies.

Pru’s lawsuit in Texas alleges that ÌìÃÀÍøÕ¾´«Ã½´«Ã½ “tortiously interfered” with its agreement to acquire Am Gen by failing to comply with the necessary formalities. It can still argue that the delay in doing so caused it potential harm, and could maintain its action for damages, but ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s move will probably assure that its ongoing merger negotiations with Am Gen will continue.

Some analysts concluded that Pru was seeking to obtain more than the $600 million it stands to collect from Am Gen, if it opts for ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s proposal and rejects Pru. Under present conditions ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s bid would be a “superior offer” within the meaning of the agreement it has with Pru, and would clear the way for it to accept ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s bid.