AXIS reveals time table to finalise Novae deal

AXIS has revealed the timeline for it to complete its acquisition of Novae following consultation with the European Commission and other regulators.

It will now complete the acquisition in two phases. First it will acquire Novae’s shares, which it expects to do on October 2, 2017.

Then, upon final approval from the European Commission, it will take management control and start to integrate the businesses. This is expected to occur no later than October 18.

The boards of AXIS and Novae first announced that they had reached agreement on an all cash acquisition at a price of 700 pence in cash for each Novae Share on July 5. On August 24, this was then upped to an all cash offer at a price of 715 pence in cash for each Novae Share.

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