Court approves takeover scheme of arrangement
The UK High Court has sanctioned the scheme of arrangement that will allow US broking group AmWINS to acquire Lloyd’s broker THB.
The approval takes the deal, which was struck between the two brokers last November, a step closer to completion. For the scheme of arrangement to become effective, the court must confirm the associated reduction of capital at THB in a hearing scheduled for 23 January.
The scheme is then expected to become effective on 24 January 2012.
AmWINS will pay THB shareholders 80.55 pence a share for the company.
AmWINS is making the acquisition through a wholly owned subsidiary, Taurus Acquisition. Following the takeover, THB will delist its shares from the Alternative Investment Market of the London Stock Exchange. If the deal goes through, THB shares will cease trading on 25 January.
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