Dallas Firm Makes Bid for I.C.H.: Dallas-based...

Dallas Firm Makes Bid for I.C.H.: Dallas-based HMS Acquisition Corp., said it was offering $8.50 a share in cash for I.C.H. Corp.’s common shares. I.C.H. has about 48 million common shares outstanding, making the whole deal worth about $408 million. In addition, the buyers would assume about $1.7 billion in debt and preferred stock. Robert T. Shaw, chairman and chief executive of I.C.H., said in a news release that directors had not determined if the firm is for sale to “any purchaser on any terms.” I.C.H. is a Louisville-based insurance holding company that has seen its earnings sag the past two years.