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BRIEF-NN Group and Delta Lloyd reached conditional agreement on merger
December 23, 2016 / 6:19 AM / a year ago

BRIEF-NN Group and Delta Lloyd reached conditional agreement on merger

Dec 23 (Reuters) - Nn Group NV and Delta Lloyd :

* NN Group and Delta Lloyd agree on recommended transaction

* To form a leading insurance and asset management company in the Netherlands

* NN Group and Delta Lloyd reached a conditional agreement on a recommended all-cash public offer of 5.40 euros (cum dividend) per issued and outstanding ordinary share of Delta Lloyd representing a total consideration of 2.5 billion euros ($2.61 billion)

* NN Group has committed financing in place and will fund the transaction via a combination of existing cash resources and debt

* Offer price represents a premium of 55 pct over the 3-months average closing price prior to the initial announcement on 5 October 2016, delivering immediate and certain value to delta Lloyd shareholders

* NN Group anticipates a return on investment of around 10 pct and a double digit accretion in dividend per share for 2018 and onwards

* Draft offer memorandum will be submitted to AFM no later than 28 D2016 Source text for Eikon: [ID: nGNE2bT4YG] Further companies coverage: ($1 = 0.9570 euros) (Gdynia Newsroom)

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