Torchmark Drops Takeover Bid: Torchmark Corp. has...

Torchmark Drops Takeover Bid: Torchmark Corp. has dropped its $6.4-billion hostile bid for much bigger rival American General Corp. but said it still plans to go through with its proxy battle for the nation’s fourth-largest insurance company. Torchmark said it has withdrawn its offer because American General did not formally respond to the bid by March 28. Torchmark said it would still nominate a slate of five candidates for election to the American General board at the May 2 annual meeting.