RSA shares jump 46% on takeover talk

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.”

    Share Story:

Recent Stories

Are property insurers ready for timber
The Structural Timber Association is gearing up to help all stakeholders in the construction supply chain to fully appreciate the advantages of building in timber, how to deliver such projects and most importantly to understand and manage the risks.

The changing face of BC and WAR
The working environment has changed quite dramatically for many over the last six months. With social distancing and the rise of homeworking, it is not just how businesses operate that has changed, but also how they recover. In this podcast we discuss some of the challenges created by the quick shift to home working, why the office may not have seen its last days and how the current environment can impact the ability of a business to recover.