Zurich Insurance Group (Zurich) announced earlier today that it has made a proposal to RSA Insurance Group plc (RSA) regarding a possible offer to acquire the entire issued ordinary share capital of RSA for 550 pence per share in cash (Possible Offer). In addition, RSA’s shareholders would receive the interim dividend of 3.5 pence per ordinary share announced by RSA on August 6, 2015, in respect of the financial period ended June 30, 2015, to be paid by RSA.
The RSA board has indicated it would be willing to recommend an offer at the level of the Possible Offer to its shareholders subject to the satisfactory resolution of other terms of the Possible Offer.In accordance with Rule 2.6(a) of the UK Code on Takeovers and Mergers (the Code), Zurich was required, by not later than 5:00 p.m. London time on August 25, 2015, to either announce a firm intention to make an offer for RSA in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer. At the request of RSA, the UK Panel on Takeovers and Mergers (the Panel) has consented to an extension of this deadline until 5:00 p.m. London time on September 22, 2015, to enable the parties to continue their on-going discussions regarding a possible offer for RSA.
RSA Group owns Pets Plus Us the provider of pet health insurance to Canadian pet owners.Read the Release
