Catlin's offer for Wellington has been declared unconditional, with all conditions having been met or waived...
Catlin's offer for Wellington has been declared unconditional, with all conditions having been satisfied or waived.
In addition to receiving regulatory approval, Lloyd's has approved the cessation of Wellington's Syndicate 2020. Catlin will therefore take full ownership of the enlarged capacity of its Syndicate 2003 with effect from 31 December 2006.
Catlin plans to procure that Wellington apply to cancel the listing of the Wellington shares on the official list for the cancellation of trading of Wellington shares on the London Stock Exchange's market for listed securities. This is expected to take effect not less than 20 business days from the date of Wellington's announcing that it has made the applications for cancellation.
Stephen Catlin, chief executive of Catlin, said: “I am very pleased to announce that Catlin's offer for Wellington has been declared unconditional. The acquisition creates material benefits for both companies and their shareholders, as well as to clients and brokers.”
“We are now ready to take advantage of the opportunities that the acquisition presents to us. We have done much work since the offer was announced to plan the integration of the two businesses. As a result of that work, we will consolidate our underwriting teams in London this week, and integration planning for other parts of the business is progressing well.”
