Scor to hold EGM on Apr 26 to decide on Converium takeover |
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Mon, 19 Mar 2007 09:07
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PARIS (AFX) - Scor said it has called an extraordinary general meeting for April 26, at which shareholders will be asked to decide on a number of resolutions to enable the acquisition of Converium to go ahead.In February, Scor launched an unsolicited takeover bid offering 21.10 sfr per Converium share, which values the group at 3.1 bln sfr.Converium's board rejected the offer, arguing that the two companies might be too similar for the combined entity to have a significantly more diversified portfolio of risks and clients, as well as a steadier stream of earnings than Converium would have on its own.Earlier today, Converium said it continues to believe that Scor's unsolicited offer undervalues Converium's prospects and potential, while warning that the hostile nature of the proposed transaction bears significant execution risks.The European Commission has set a deadline of April 20 for its inquiry into the proposed hostile acquisition.vicky.buffery@thomson.comvb/rfwCOPYRIGHTCopyright AFX News Limited 2007. 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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Swiss watchdog to investigate Ebner role in Scor's Converium takeover plans 