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Zurich granted more time over potential £8bn Beazley takeover
Zurich received an extension to finalize due diligence and negotiate terms for the potential £8 billion takeover of Beazley, which includes a 60% premium on Beazley's share price.
- On Monday, Zurich and Beazley said the PUSU deadline has been extended until 5pm on March 4 after the Beazley board requested and the Takeover Panel consented.
- Completing confirmatory due diligence, Zurich is working with Beazley executives to finalise detailed terms and advance definitive transaction documentation.
- Almost two weeks ago, Zurich agreed a deal in principle to buy Beazley for around £8 billion, implying an almost 60% premium on pre-approach shares and following a prior £7.7 billion rejection.
- There is still `no certainty` a formal offer will be made, but if completed, the deal would create a global specialty platform with around 15 billion US dollars of gross written premiums, leveraging Beazley's Lloyd's presence.
- Zurich, insurance giant , brings scale to the proposed tie-up, while Beazley, specialist insurer , complements with diverse specialty lines.
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14 Articles
The binding purchase offer from Zurich for Beazley expected for Monday will be postponed. The corresponding deadline will be extended until 4 March with the approval of the respective regulatory body, the two companies informed. From informed circles it was said that the extension of the deadline would not be surprising, a due diligence needed time. On 4 February the insurers had announced in a joint statement that they had agreed in principle o…
FTSE 100 today: NatWest buyback lifts UK stocks as Beazley resets Zurich deadline
FTSE 100 rose 0.4% in early trade Monday, led by NatWest after launching a £750 million share buyback. Beazley extended Zurich’s takeover deadline to March 4. Rio Tinto suspended work at its Guinea iron ore project after a fatality. Investors await UK jobs and inflation data this week for signals on Bank of England rate moves. The post FTSE 100 today: NatWest buyback lifts UK stocks as Beazley resets Zurich deadline appeared first on TechStock².
The Zurich Group and the British specialist insurer Beazley receive more time in the takeover talks.
The "Put up or Shut up" (PUSU) deadline is a specific provision of UK takeover law and serves to protect listed companies from an endless period of uncertainty when a potential buyer has expressed interest but does not submit a binding offer. For Zurich, this deadline should expire at the takeover poker around Beazley on Monday. Now there is an extension of the deadline. Zurich will get more time for Beazley takeover first appeared on insurance …
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