Old Mutual is extending the acceptance period for possible takeover of Skandia Group as a statement released today reveals the firm as now achieved 72.3% agreement to the deal.
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.
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First mentioned in Cridland Report
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