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MSI agrees £3.5bn deal for Amlin

08 September 2015 08:00

Mitsui Sumitomo Insurance Company has agreed a cash offer for Amlin, valuing the group at around £3,468m.

Under the terms of the acquisition, Amlin shareholders will receive 670 pence per share in cash and shareholders on the record date (4 September) will also receive the interim dividend of 8.4 pence per Amlin share for the period ended 30 June, payable on 1 October.

The consideration represents a premium of approximately 36.0% over last night's closing price of 492.5p.

MSI president and chief executive Yasuyoshi Karasawa said: "We are delighted to be announcing the combination of MSI and Amlin to create a world-leading insurance company, with an international business anchored in the Lloyd's market. The combination will accelerate MSI's strategy of growing its international business, and drive a number of benefits across Amlin's business as a result of it being part of a substantially larger group.

"We believe this combination will create significant value for MS&AD's shareholders, and will also position the group to drive sustainable long term growth given the enhanced platform that the combined group will enjoy. This transaction will also allow us to better serve our clients and brokers, given the enhanced product mix and scale of the combined group.

"We look forward to welcoming Amlin's management team and employees to the MSI organisation. In particular, we are excited about the opportunity to benefit from the strategic insight that Charles Philipps and his colleagues will be able to provide in our international business following completion of the proposed transaction." Amlin CEO Charles Philipps said: "We believe that this combination is extremely compelling. We have always had a very high regard for MSI, our strategies and corporate values are closely aligned, and this transaction will now provide Amlin with the increased scale and financial muscle that will be required for long term success in our industry. It delivers excellent value for shareholders, improved career prospects for our employees, and enhanced continuity and security for our clients. I am confident that, with our combined skills and geographic coverage, we will continue to go from strength to strength. We believe that our respective Lloyd's, Bermudian and European businesses fit well together and will allow increased development opportunities. MSI's presence in the ASEAN region and its ambitions in the United States clearly offer very exciting prospects for Amlin. We are looking forward to working closely with MSI's management and the MSI teams with whom we will be combining."

At 8:00am: (LON:AML) Amlin PLC share price was +106.4p at 598.9p

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