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Bids, Mergers and Takeovers

Novae says Axis Capital's offer recommended

06 July 2017 09:48

Novae Group said the 700p-a-share cash offer for the company by Axis Capital Holdings has been recommended. The offer values Novae at about £467.6m.

"The board of Novae is pleased to unanimously recommend the AXIS offer, which represents an attractive outcome for Novae and provides certainty to Novae Shareholders at an attractive premium to the share price and net tangible assets per share," said chairman John Hastings-Bass.

"Over recent years, Novae has made significant progress on a standalone basis in developing its underwriting franchise and growing premiums in its targeted lines of business.

"However, it remains a relatively small player in a global industry. AXIS is a substantial and successful business which represents an excellent partner for the Novae business, its customers and employees."

At 9:48am: (LON:NVA) Novae Group PLC share price was +133.5p at 715p

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