Insurance provider Lincoln National Corp. agreed Monday to acquire Jefferson-Pilot Corp. for about $7.5 billion in cash and stock. Jefferson-Pilot’s shares rose more than 7 percent in morning trading.
Under terms of the deal, Jefferson Pilot shareholders will receive 1.0906 Lincoln shares, a cash payment or a combination of shares and cash valued at $55.48 for each Jefferson Pilot share they own. The combination offer represents a 9.2 percent premium over Jefferson’s Friday closing price of $50.79 on the New York Stock Exchange.