Aviva's buy-out of RAC has been delayed today because only 52% of RAC shareholders have accepted the proposed deal.
On 9 March 2005 Aviva announced the terms of the offer for the ordinary share capital of the motoring services provider, which had been unanimously accepted by RAC's board.
However, 21 days later valid acceptances had been received for 61,791,991 ordinary shares in RAC – just over half of the total.
The deadline for accepting the terms has now been extended for 14 days. The next closing date will be 3.00pm on 27 April 2005.
Around 90% of the total share capital would need to be sold before RAC can effectively force any remaining dissenting shareholders to sell up.
