Skandia minority shareholders still hold leverage in OM takeover

However, this means Old Mutual has not achieved the minimum shareholding agreement it needs to force complete control of Skandia from all shareholders.

Under the terms of the takeover proposal, Old Mutual has effectively earned sufficient shareholder support to be able to acquire Skandia Group, but Swedish law is a little more complex and gives certain rights to minority shareholders if the acquiring firm fails to achieve agreement from 90% of the shareholding.

In a statement issued this afternoon, Skandia announced it is holding an EGM on Tuesday 21 February, and part of that process will be to elect a new board of directors at Skandia.

At the same time, Old Mutual has extended the acceptance period to Thursday 9 February.

If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Julie Henderson on 020 7968 4571 or email [email protected].

IFAonline

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