2 November 2016Insurance

NN Group reconfirms intention to take over Delta Lloyd

NN Group, a Dutch insurance and asset management company, has said that it still wishes to make a public offer for all issued and outstanding ordinary shares of its rival, Delta Lloyd.

NN Group had previously made an all-cash offer at €2.4 billion, a premium of approximately 53 percent over the last three-months average closing price of the stock at that time.

The Delta Lloyd supervisory and executive boards had then rejected NN Group's takeover proposal, as the company believed the financial terms and conditions were not satisfactory.

However, NN Group remains of the view that a combination of Delta Lloyd and the Dutch and Belgian activities of NN Group is financially and strategically compelling, as well as beneficial to both companies' stakeholder groups.

NN Group continues to seek engagement on the intended offer with Delta Lloyd and will continue its discussions with relevant stakeholder groups.

Meanwhile, NN Group and its affiliates or brokers may from time to time directly or indirectly purchase, or arrange to purchase, ordinary shares in the capital of Delta Lloyd, that are the subject of the intended offer, according to the press release.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
16 November 2016   Dutch insurer Delta Lloyd has reiterated that it is open to a potential merger with NN Group and stated that such a deal could deliver cost synergies of approximately €200 million per year over and above its existing cost savings plans.
Insurance
7 October 2016   The Delta Lloyd supervisory and executive boards have rejected NN Group's takeover proposal as the company believes that the financial terms and conditions set out in NN Group's proposal are not satisfactory.
Insurance
5 October 2016   Dutch NN Group intends to make an all-cash offer for all issued and outstanding ordinary shares of Delta Lloyd, valuing the Dutch competitor at €2.4 billion, a premium of approximately 53% over the last three-months average closing price of the stock.