Scor says holds 32.9 pct stake in Converium; still wants to acquire rest |
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Published
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Mon, 19 Feb 2007 10:20
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ZURICH (AFX) - French reinsurer Scor said it now holds 32.9 pct of Converium and still wants to acquire control of its Swiss rival, despite this morning's rejection by Converium's board of an initial offer of 21 sfr per share, valuing Converium at 3.1 bln sfr.Scor said it has secured 8.3 pct of Converium's capital through direct market purchases and 24.6 pct through share purchase agreements, the latter collectively representing a price of 21.1 sfr per share.Scor said it are grets the initial response of the board of Converium that was published this morning', but remains 'totally convinced that a merger is in the best interests of the two companies.'In a statement this morning, Converium's board said that Scor's offer 'fundamentally fails to recognise the value of Converium's franchise and growth prospects.'At the closing price of 18.80 sfr on Friday, Scor's offer represents a premium of 11.7 pct.A tie-up between Converium and Scor would create the world's fifth largest multi-branch reinsurer at a time of consolidation in the sector, according to Scor.afx.zurich@afxnews.comjmt/gt/cmrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Converium rejects unsolicited acquisition proposal by French co SCOR UPDATE 