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Kemper's Chief Needs A New Deal


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KEMPER'S CHIEF NEEDS A NEW DEAL

THE COLLAPSE ON NOV. 20 of Conseco's proposed $2.7 billion deal to acquire Kemper puts David Mathis on the hot seat. Kemper's chairman fought off General Electric's unsolicited $60-a-share bid this spring, taking Conseco's offer of $67 instead. Now, Kemper's stock has dipped to about $40, and Mathis has hung a for-sale sign, vowing to "maximize shareholder value." It won't be easy: Tough market conditions have hurt Kemper's mutual-fund and brokerage businesses. Mathis faces investors at Kemper's annual meeting on Dec. 23. His plan to become CEO of Kemper National Insurance in March could be delayed.EDITED BY KEITH H. HAMMONDS


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