Kemper Securities to Be Sold to ESOP

Kemper Securities, a division of the Kemper Company, will be sold to an ESOP that will own 55% of the company. One percent will go to management and 44% to existing Kemper Company shareholders. Kemper Securities has been a lackluster performer in recent years. It employs 1300 stockbrokers. The ESOP will borrow $72 million to buy the company, making it the largest ESOP transaction since United Airlines.