Aviva's buy-out of RAC will almost certainly go through because almost 90% of shares in the...
Aviva's buy-out of RAC will almost certainly go through because almost 90% of shares in the motor services provider have now been provisionally sold.
As of the third deadline for acceptances last night, valid acceptances of the offer had been received by Aviva in respect of a total of 104,876,980 RAC shares, representing 87.82% of the issued ordinary share capital of RAC.
The offer was declared unconditional earlier this week after the FSA and the European Commission approved the terms of the deal.
Once the 90% mark has been reached, the RAC board can effectively bind the holders of the remaining 10% of RAC shares to sell up.
A spokesman for Aviva said: “There are a number of shareholders who had been unable to accept the offer until it had received FSA and EC clearance. We should see many more acceptances over the next few days. The deal is effectively complete.”
Simon Machell, customer services director of Norwich Union Insurance, has been appointed executive director on the board of RAC and will take up the position of managing director with immediate effect.
In addition, Norwich Union's Patrick Snowball and Mark Hodges have been appointed non-executive directors on the board of RAC with immediate effect.
Andrew Harrison has relinquished the role of chief executive but will remain on the board of RAC for a further six months in an advisory capacity.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
