FIN acquistion secures necessay 61% of shareholder votes
The acquisition of Alea, the reinsurer placed in run off eighteen months ago, by FIN Acquisition has been declared unconditional.
Part of the Fortress Investment Group, FIN Acquisition announced that it has received valid acceptances of its offer representing 105,625,250 Alea Shares - approximately 61 per cent of total share value.
Accordingly, the Board of FIN Acquisition declared that the acceptance condition set out in Part A of Appendix I of the Offer Document has been satisfied, and that the offer has become unconditional.
The offer document had been posted to Alea Shareholders on Saturday 2 June 2007. It will remain open for acceptance until further notice, but for no less than 14 days following 2 July 2007.
Alea shareholders who do not approve the deal will see their shares remain on the stock exchange.
The initial proposed acquisition by amalgamation was narrowly rejected by shareholders last month.
Prior to the announcement of the acquisition on 4 April 2007, FIN Acquisition had received irrevocable undertakings in respect of 95,536,945 Alea Shares representing, in aggregate, approximately 55 per cent of Alea’s issued share capital.
