Novae shareholders accept enhanced Axis offer
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Axis Capital Holdings Ltd. on Tuesday said shareholders of Novae Group P.L.C. have accepted its enhanced offer to acquire Novae during a general meeting held earlier that day in London.
Approximately 99.97% of shareholder votes were cast in favor of the proposal, creating a global specialty insurer and reinsurer with gross written premiums in excess of $6 billion based on 2016 results, Axis said in a statement.
Axis initially bid $604 million for Novae on July 5, then raised the offer to “enhance” its value.
“The acquisition of Novae accelerates the growth strategy of our international insurance business, creating a $2 billion insurer in the London specialty market, while significantly scaling up our capabilities,” Albert Benchimol, president and CEO of Axis, said in the statement.
The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the fourth quarter of this year, according to the statement.
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