Old Mutual has announced that its offer to buy controlling shares of Skandia Insurance has been accepted.
The London-based financial body said the offer represents 62.5% of the total number of shares and votes in Skandia on a fully diluted basis and would be extended and will remain open for acceptance until 12 January 2006.
A statement from Skandia's board said Old Mutual's announcement made it clear that the company could become Skandia's principal shareholder, on the condition that approval was given in the outstanding regulatory matters.
It added: “Skandia's board is still of the opinion that Old Mutual's offer to Skandia's shareholders is inadequate. The efforts made by Skandia's board to bring about a change in the offer have been without result. To date, Old Mutual has consistently rejected any suggestions of raising or otherwise improving the offer.
“Yesterday's announcement by Old Mutual entails that Skandia has a large number of shareholders who have not accepted the offer. It is thus clear that Skandia will continue to be a listed company.
"The rules of the Stockholm Stock Exchange will therefore continue to apply for the company. The board's composition shall reflect the principles of the Stockholm Stock Exchange and the Swedish Code of Corporate Governance.”
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