July 5, 2017 / 9:51 PM / 3 months ago

BRIEF-Axis Capital Holdings, ‍novae Group reach agreement on recommended cash offer

July 5 (Reuters) - Axis Capital Holdings Ltd-

* Axis Capital Holdings-co, ‍novae group reached agreement on recommended all cash acquisition of entire issued and to be issued share capital of Novae by Axis

* Axis Capital Holdings Ltd - cash consideration payable under acquisition will be funded from Axis’s existing cash resources or from new borrowings

* Axis Capital Holdings Ltd - ‍under terms of acquisition, each novae shareholder will be entitled to receive 700 pence in cash for each novae share ​

* Axis Capital Holdings - Novae directors confirm they intend unanimously to recommend that novae shareholders vote to approve scheme at court meeting

* Axis Capital Holdings Ltd - anticipated that Novae will be merged into international division of Axis’s insurance segment

* Axis Capital Holdings Ltd - co’s intention to consider employees of both axis and novae to fill roles within enlarged group Source text for Eikon: Further company coverage:

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