Citi gets a lot from Primerica ($622mill dividend plus the $234mill from the spinoff plus $230mill from sale to Warburg plus about $450mill in shares in the publis Primerica):
Citi, which is leading the underwriters, is taking the IPO proceeds, and has taken substantial funds out of the business through dividends in recent years-- nearly $1 billion since 2007. The bank will take another $622 million in dividends before the completion of the IPO, according to its prospectus.
Read the article - good deal for Citi...another nearly $1bill cash - that would buy back about 250million shares
Yeh, CITI gets lots from Primerica, but What is in for the Citi share holders? Are we supposed to get some shares of Primerica? "Obama" owns about 40% of C, would the government walk away empty handed?