Axis ups offer for Novae
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Axis Capital Holdings Ltd. late Thursday raised its offer for Lloyd’s of London insurer Novae Group P.L.C to 715 pence ($9.15) a share from an original offer of 700 pence a share made on July 5.
This “full and final offer” values Novae at approximately £477.6 million ($611.4 million), Axis said in its statement.
“By offering Novae shareholders an improved cash offer, Axis aims to bring certainty to the transaction,” Albert Benchimol, president and CEO of Axis, said in the statement.
He added that the benefits of the deal have not materially changed with the increased offer and that Axis continues “to expect meaningful earnings and (return on equity) accretion within the first year after close.”
Axis declined to elaborate on the statement.
Axis announced it would buy Novae for $604 million in July in a deal that would grow the Lloyd's component of its business to 24% from 6%.
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Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd. will buy Lloyd’s of London insurer Novae Group P.L.C. for $604 million, Axis announced late Wednesday.
