Beazley and Zurich get more time to finalise takeover deal Proactive uses images sourced from Shutterstock
Beazley PLC has agreed a later deadline for Zurich Insurance Group to make a firm takeover offer as discussions and due diligence are ongoing.
At the start of the month, the two companies announced they had struck a deal in principle on the key financial terms of a possible £8 billion recommended cash bid, with today the original ‘put up or shut up’ deadline.
Zurich has begun confirmatory due diligence with the support of Beazley’s board and management. The companies are also negotiating detailed terms and drafting transaction documents.
The FTSE 100 group requested more time, and the Takeover Panel agreed, with the Swiss insurance giant given until 5pm on 4 March to decide whether to proceed with a formal offer.
A sweetened total value of 1,335p per share in cash, including a dividend of up to 25p, has been agreed, up from the 1,280p offered in January and up from the 1,315p reportedly offered behind closed doors last summer.