Court approves acquisition meeting

Court approves acquisition meeting | Insurance Business

Court approves acquisition meeting
A shareholder scheme meeting has been announced by Calliden Group regarding the proposed takeover by Steadfast following an independent expert report that called the bid “fair and reasonable".

Calliden and Steadfast have been in the process of the takeover since late August and the final steps could be completed by the end of December.

Shareholders have been offered $0.415 for each Calliden share and “a special dividend paid by Calliden of $0.05 per share which is expected to be fully franked".

Calliden chairman Richard Hill said in the announcement made to the ASX “that after long consideration the Board unanimously recommended that shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an Independent Expert coming to the conclusion that the Scheme is in Calliden shareholders’ best interest".

“Subject to these same qualifications, each director of Calliden intends to vote all the Calliden shares held or controlled by them personally in favour of the Scheme.”

Hill said of the proposed terms from Steadfast in August: “This offer is an endorsement of Calliden’s change in strategy announced in 2012 and its subsequent implementation. Steadfast and Munich Re are Calliden's two largest business partners and have a good understanding of Calliden’s overall business.” 

The Scheme meeting will be held on December 8th in Sydney and the implementation date is currently set as December 23rd.