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Insurer Catlin receives takeover approach from XL Group
December 17, 2014 / 1:40 PM / 3 years ago

Insurer Catlin receives takeover approach from XL Group

Dec 17 (Reuters) - Catlin Group Ltd said it received a takeover approach from XL Group Plc that valued the Bermuda-based insurer at 2.53 billion pounds ($3.98 billion).

Under the indicative terms of the offer, XL would pay 410 pence in cash and 0.130 shares for each Catlin share, the London-listed company said in a statement.

The offer, which values each Catlin share at 699 pence, represents a 20 percent premium to the stock’s Tuesday close. ($1 = 0.6361 pounds) (Reporting by Esha Vaish in Bengaluru; Editing by Saumyadeb Chakrabarty)

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