Shares in RSA shot up by 46% yesterday after the insurer confirmed it had received a joint takeover offer from Canadian insurer Intact Financial Corporation and Scandinavian insurer Tryg A/S.
RSA said in a public statement: “The proposal comprises 685 pence in cash per RSA share, plus payment by RSA of the announced interim dividend of 8 pence per share.”
It added: “The proposal is made on the basis that Intact would retain RSA’s Canada and UK & International operations, while Tryg would retain RSA’s Sweden and Norway operations, and Intact and Tryg would co-own RSA's Denmark business.
“The proposal is subject to the satisfaction or waiver of pre-conditions relating to, amongst other things, due diligence, the recommendation of the board of RSA, the support of RSA’s pension fund trustees and board approvals from Intact, Tryg and the Tryg Foundation.
“The board of RSA has indicated to the consortium that it would be minded to recommend the proposal, subject to satisfactory resolution of the other terms of the possible offer, including a period of due diligence. Accordingly, RSA is engaged in discussions with the consortium in relation to the possible offer.”
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