Deal gets approval from 99.99% of shareholders
Hardy shareholders have almost unanimously backed the company’s takeover by US Insurer CNA.
Shareholders other than directors or institutional owners, which account for 63.25% of the Lloyd’s insurer’s shares in issue, voted 99.99% in favour of the deal.
The takeover has also received support from directors representing 4.43% of Hardy’s issued share capital and institutional owners – mainly asset managers – representing 20.57% of the share capital.
Bahrain-based reinsurer Arig, which provides capital to Hardy and owns 7.16% of its stock, also voted in favour of the deal.
CNA is paying 280p a share in cash for Hardy, valuing the company at £143m. The amount is a large premium to Hardy’s 2011 net tangible asset value per share of 183.5p.
The acquisition remains subject to conditions. Following completion of the deal, Hardy’s shares will delist from the London Stock Exchange.
A completion date for the deal has not yet been set.
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