A unit of Citigroup Inc. is asking $22.75 per share for 12 million shares of Primerica Inc. common stock.

The unit of Citigroup, New York (NYSE:C), is also giving the offering underwriters an option to buy up to 1.8 million additional shares issued by Primerica, Duluth, Ga. (NYSE:PRI).

Citigroup acquired Primerica in 1988, then spun it off by holding a public offering in April 2010. After the April 2010 offering, Citigroup still controlled more than 30% of Primerica’s common stock.

When the current offering is completed, Citigroup will own about 20.7% to 23.1% of Primerica’s common stock, according to Primerica.

Citigroup will receive all need proceeds from the offering, Primerica says.

Primerica distributes financial products through a network of 92,000 licensed representatives.

- Allison Bell

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