United Kingdom

Cover-More says co agrees to takeover offer from Zurich Insurance

Monday, 12 Dec 2016 

Cover-More Group Ltd : Says Zurich Insurance Co Ltd will acquire all of ordinary shares in Cover-More by way of a scheme of arrangement . Says Cover-More shareholders will be entitled to receive A$1.95 cash per share . Says offer at scheme consideration implied enterprise value of A$854 million, on a fully diluted basis . Says Cover-More's board unanimously recommends scheme . Says Cover-More is permitted to pay an interim and/or special dividend on or prior to implementation of scheme .Says expects to deliver EBITDA in range of $54 million to $57 million for FY17. 

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