South African financial and insurance giant Old Mutual plc on Thursday announced that it is amending its minimum acceptance level for Swedish life assurer Skandia from 90% to more than 50%.
The group said all other outstanding terms and conditions relating to its offer for Skandia remain unchanged and as previously announced.
The offer remains open for acceptance until December 16 this year.
The group said it will not extend the offer beyond December 16 unless valid acceptances have been received in respect of more than 50% of the total number of shares and votes in Skandia (on a fully diluted basis) by that date.
“In any event, the mix and match facility (including the cash guarantee for shareholders with not more than 1 000 Skandia shares) will not be extended beyond that date.
“If Old Mutual receives valid acceptances in respect of more than 50% of the total number of shares and votes in Skandia (on a fully diluted basis) by that date, Old Mutual reserves the right to extend the acceptance period and to defer the date for settlement of the offer.
Old Mutual CEO Jim Sutcliffe added: “Our own shareholders have demonstrated their overwhelming support for this transaction. A significant number of Skandia’s shareholders remain equally supportive. Therefore we are accelerating the offer process by clarifying the acceptance level we require by December 16.
“Regulatory applications are progressing well and we remain utterly committed to bringing this transaction to a close as soon as possible.” — I-Net Bridge