A health discount club company is getting closer to acquiring an insurance marketing company run by Peter Nauert.
Precis Inc., Grand Prairie, Texas, the parent of the Care Entr?e health discount program, says it will hold a special shareholder meeting Jan. 30 in Irving, Texas, for a vote on a proposal that calls for the company to buy Insurance Capital Management USA Inc., Fort Worth, Texas.
Precis shareholders also will vote on changing the company’s name to Access Plans USA Inc., the company says.
Precis would pay 6.8 million shares of stock, or about 33% of the company’s outstanding stock, if ICM records at least $1.25 million in cumulative earnings over 4 consecutive calendar quarters ending on or before Dec. 31, according to documents filed with the U.S. Securities and Exchange Commission.
The 6.8 million shares of Precis stock would have a value of about $14 million if the deal were completed today.
Peter Nauert, the former chief executive of Ceres Group Inc., Cleveland, founded ICM in 2004. The company now generates about $60 million in submitted annualized new sales through a sales force of about 5,000 agents, according to ICM.
If Precis completes the ICM deal, Nauert will run the combined company, Precis says.