5th Sep 2018 08:43
LONDON (Alliance News) - esure Group PLC on Wednesday said it agreed the terms of a recommended cash offer by Blue BC Bidco Ltd, a subsidiary of funds advised by Bain Capital Private Equity LP.
In mid-August, the FTSE 250-listed insurer agreed to be purchased by private equity firm Bain Capital, in a deal valuing the company at GBP1.21 billion.
esure said, in order to complete the transaction, it is required to secure the majority of shareholder approval and vote in favour of the takeover.
Back in August, the all-cash offer has been accepted by esure's largest shareholder, Chairman Peter Wood, who holds 31% interest, and second largest shareholder, Toscafund, with 17% stake.
The company said the court meeting and general meeting will be held on October 3. The acquisition has been unanimously recommended by esure's independent directors.
Following the approval and satisfaction of all conditions, esure expects the takeover to become effective in the final quarter of 2018.
Shares in esure were trading 0.2% higher on Wednesday at 279.00 pence each.