Scor: shuns bid from Cova at 43 euros
(CercleFinance.com) - The mutual insurance company Covéa has approached Scor to make a friendly takeover bid at 43 euros per share, which represents a premium of around 20% over the previous evening's closing price, meaning a market capitalisation of 8.
2 billion euros.
However, the reinsurer has declined the offer and has refused to enter into discussions about it, resulting in Covéa withdrawing the offer - albeit without closing the door altogether.
Up around 6%, the Scor share is currently trading at around 37.5 euros on the Paris Stock Exchange this morning.
As Scor's largest shareholder, Covéa made its offer in a letter sent to the chairman of Scor's board of directors, which it sent on 24 August. It offered 43 euros per share, paid entirely in cash.
This reputedly friendly bid was conditional on a recommendation from Scor's Board of Directors, which on 30 August refused to enter into discussions with Covéa with a view to negotiating a friendly takeover bid on Scor, the insurer wrote.
Covéa takes note of this and has therefore withdrawn its planned takeover bid. However, the mutual insurer nevertheless repeats its interest in a friendly merger with Scor.
.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
2 billion euros.
However, the reinsurer has declined the offer and has refused to enter into discussions about it, resulting in Covéa withdrawing the offer - albeit without closing the door altogether.
Up around 6%, the Scor share is currently trading at around 37.5 euros on the Paris Stock Exchange this morning.
As Scor's largest shareholder, Covéa made its offer in a letter sent to the chairman of Scor's board of directors, which it sent on 24 August. It offered 43 euros per share, paid entirely in cash.
This reputedly friendly bid was conditional on a recommendation from Scor's Board of Directors, which on 30 August refused to enter into discussions with Covéa with a view to negotiating a friendly takeover bid on Scor, the insurer wrote.
Covéa takes note of this and has therefore withdrawn its planned takeover bid. However, the mutual insurer nevertheless repeats its interest in a friendly merger with Scor.
.
Copyright (c) 2018 CercleFinance.com. All rights reserved.