NORWICH, Vt. - The board of Fund American Enterprises Holdings Inc. has approved a cash tender offer to buy up to 500,000 of its common shares for $71 each, in an attempt to shore up the stock price.

"There has been some disappointment from shareholders," said Mike Paquette, vice president and controller for Fund American, explaining the company's actions. "Anyone that wants to sell is taking a bath."

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