The success of Aviva's buy-out of RAC will become clear tomorrow, after the second...
The success of Aviva's buy-out of RAC will become clear tomorrow, after the second deadline for acceptances has passed.
Insurance Times reported last week that the initial deadline was extended because only half of RAC shares had been provisionally sold by the 13 April deadline.
An NU spokesman said that the 52% of RAC shareholders who had accepted the deal after the initial deadline was nothing to be concerned about:
“Sometimes you can have (initial take-up) as low as 5% in such deals and they still go through. I see no problem here.”
Richard Harvey, Aviva's group chief executive, said at the company's AGM today that the buy-up was “strategically sound and operationally compelling.”
