Aviva's buy-out of RAC was left hanging in the balance last night because just 5% more RAC shares...
Aviva's buy-out of RAC was left hanging in the balance last night because just 5% more RAC shares had been provisionally sold by the second ‘deadline' for acceptances.
Insurance Times reported two weeks ago that the deal could be in jeopardy because shareholders accounting for only 52% of RAC shares had accepted Aviva's cash and shares offer.
However, despite extending the deadline for a further three weeks, just 57% or 67,495,276 shares, had been accounted for last night.
A spokesperson for Aviva denied there was any cause for concern, claiming: “We are very pleased with the level of acceptances at this stage. The take-over code gives 60 days for the offer to be taken up, so there is still plenty of time.”
The deadline has now been extended until 4 May 2005.
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.
