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Universal American Extends Expiration Date for Exchange Offer

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Universal American Corp. will be giving holders of some preferred shares until Sept. 9 to exchange the shares.

Universal American, Rye Brook, N.Y. (NYSE:UAM), an insurer that sells products aimed at older Americans, originally had set the offer – for up to $40 million in 8.50% Series A Mandatorily Redeemable Preferred Shares – to expire Sept. 2.

Universal American issued the original batch of preferred shares in April through a private placement, without registering the shares with the SEC. Preferred shareholders who go through with the exchange will get shares registered with the SEC.

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The new shares will not be listed with an exchange, but holders should have an easier time selling the registered shares, Universal American says.

- Allison Bell

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