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Slideshow Secondary Stock Offerings

By The Online Investor Staff, updated Thu., Apr. 17, 2:23 PM

Slide #24. Arthur J. Gallagher & Co. Secondary Offering

Company: Arthur J. Gallagher & Co. (NYSE:AJG)
Date announced: 4/7/2014
Shares Offered: 19,000,000
Date of Pricing: 4/10/2014
Price Per Share: $43.25
Secondary Offering Details: Arthur J. Gallagher & Co. (NYSE: AJG) ("Gallagher") today announced an underwritten public offering of 19 million shares of its common stock. Morgan Stanley & Co. LLC is acting as lead book-running manager for the offering, and BofA Merrill Lynch is acting as joint book-running manager for the offering. BMO Capital Markets, Dowling & Partners Securities, LLC, Janney Montgomery Scott, Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Piper Jaffray, Sterne Agee, and Stephens Inc. are acting as co-managers for the offering. Gallagher intends to use the net proceeds of the offering to fund a portion of its previously announced acquisition of the Wesfarmers insurance brokerage operations. Gallagher also intends to grant the underwriters a 30-day option to purchase an additional 2.85 million shares of common stock from Gallagher. - updated 4/11 - Arthur J. Gallagher & Co. (NYSE: AJG) ("Gallagher") today announced that it has priced an offering of 19 million shares of its common stock at a price of $43.25 and granted the underwriters in the offering a 30-day option to purchase up to an additional 2.85 million shares of its common stock at the same price. Morgan Stanley & Co. LLC is acting as lead book-running manager for the offering, and BofA Merrill Lynch is acting as joint book-running manager for the offering. BMO Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Sterne Agee, Dowling & Partners Securities, LLC, Stephens Inc., Janney Montgomery Scott, Piper Jaffray and Raymond James are acting as co-managers for the offering. The offering is expected to close on April 16, 2014, subject to customary closing conditions. Gallagher intends to use the net proceeds of the offering to fund a portion of its previously announced acquisition of the Wesfarmers insurance brokerage operations and, to the extent that any proceeds remain thereafter, or the acquisition is not completed, for the repayment of amounts borrowed under its line of credit to finance the acquisition of the Oval Group and for general corporate purposes, including other acquisitions. The offering is not conditioned on the closing of the Wesfarmers acquisition.

Arthur J. Gallagher & Co. is engaged in providing insurance brokerage and third-party claims settlement and administration services to entities in the U.S. and abroad. Co. operates three segments: Brokerage, which is comprised of retail and wholesale brokerage operations; Risk Management, which provides contract claim settlement and administration services for enterprises that choose to self-insure some or all of their property/casualty coverages and for insurance companies that choose to outsource some or all of their property/casualty claims departments; and Corporate, which includes financial information related to Co.'s debt and clean energy investments and others.
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Company Name:  Gallagher (Arthur J.) & Co.
Website:  www.ajg.com
Sector:  Insurance Brokers
Number of ETFs Holding AJG:  59
Total Market Value Held by ETFs:  $695.19M
Total Market Capitalization:  $6.03B
% of Market Cap. Held by ETFs:  11.54%
 

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April 17, 2014    2:23 PM Eastern
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