Protective Life Plans To Sell 12.5 Million Shares

BIRMINGHAM, Ala. (AP) — Insurance and investment products provider Protective Life Corp. said Tuesday it plans a public sale of 12.5 million shares of stock and use the proceeds for general corporate purposes.

Underwriters of the offer will have the option to buy 1.9 million additional shares to cover any over-allotments. Based on Protective Life's Tuesday closing price of $11.81, the offering would generate $169.8 million.

Merrill Lynch is the book-running manager for the offering.

Protective Life had 70 million shares outstanding as of May 5. Its stock closed earlier down 35 cents, or nearly 3 percent, at $11.81.