CHICAGO - First Chicago Corp. said it will redeem on Sept. 2 the $112.1 million issued and outstanding of its $3.75 cumulative convertible preferred stock, series A.
The company said the total redemption price is $52.135 a share.
As an alternative, the company said, stockholders have until 5 p.m. EDT on Aug. 26 to convert each preferred share into 1.391 First Chicago common shares.
First Chicago said the market value of the common stock into which the preferred stock is convertible will be greater than $52.135 as long as the market price of the common stock exceeds $37.48 a share.
