ICH Corp. offered shareholders of First Executive...

ICH Corp. offered shareholders of First Executive Corp., the Los Angeles insurance holding company, $12 a share for up to 11.2 million shares of common stock under a previously announced agreement. The stock, hard hit by Black Monday, has been regaining lost ground and closed up $1.625 at $11.625 a share in over-the-counter trading Wednesday. ICH, based in Louisville, Ky., already owns 7 million shares--a 9.6% stake--and the tender offer would boost that to the 25% limit set in the agreement, which forbids the company from buying beyond that level for five years. First Executive had no comment on the offer.

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