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Portfolio > Portfolio Construction

Scottish Re Begins Tender Offer

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A life reinsurer has started buying back non-cumulative perpetual preferred shares.

Scottish Re Group Ltd., Hamilton, Bermuda, made an offer to purchase in connection with the cash tender offer May 7.

The shares have a liquidation preference of $25 per share.

The Merrill Lynch unit of Bank of America Inc., Charlotte, N.C., is serving as the dealer manager for the offer.

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