A specialist and integrated travel insurance, medical assistance and employee assistance provider has approved a $740 million takeover from a global insurance giant.
An overwhelming 99.83% of votes, by 96.81% of shareholders of Cover-More Group Limited, have backed a proposed acquisition of 100% of the company’s issued share capital by Zurich
Insurance Company Ltd, through its wholly owned subsidiary Zurich
Travel Solutions Pty Limited.
The deal will see investors receive $1.90 cash, plus a fully franked special dividend of $0.05 cash, for each Cover-More share they own, according to a report in The Australian. The $1.95 per share offer represented a 48% premium to the group’s last traded price prior to the Zurich
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
The travel insurer will now await approval of the scheme from the Federal Court of Australia, with a hearing scheduled for Friday (March 31).
had earlier announced that it intends to let Cover-More operate as a stand-alone entity and that it will retain its brand.
announces $741 million acquisition
Cover-More upbeat about 2017
well placed for 2017 success