Old Mutual pushing ahead with takeover of Skandia

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Successful bid will lead to a combined group capitalisation of £7.9bn

Old Mutual has made a formal offer to acquire Skandia. The South African insurer said it has made an offer of SKR43.60 a share through a mixture of cash and shares, valuing the company at SKR44.9bn (£3.3bn). This is a premium of 25% to the share price of Skandia on 12 May this year. According to Old Mutual, for every 100 Skandia shares tendered, each shareholder would receive SKR1,650 in cash and 137 new Old Mutual shares, which are equivalent to SKR16.5 in cash and 1.372 new Old Mutual shares per Skandia share. If the deal is successful it will produce a group with a combined capitalisati...

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