90% support for Skandia bid

LONDON – South African insurer Old Mutual said on Monday that it had received acceptances representing just over 90 per cent of shares in Skandia for its US$6,8 billion hostile takeover bid for the Swedish savings group.

Old Mutual, whose headquarters are in London and has its main listing there, said yesterday that it had won 90,02 per cent acceptance. The company also said that it was still counting other votes and would provide a further update later this week.It has extended the offer period until today, but reaching the 90 per cent mark means it can choose to delist Skandia shares and force the remaining minority shareholders to sell it their stock.South Africa’s largest life insurer appealed directly to Skandia shareholders after failing to persuade Skandia’s board to back its stock-and-cash deal after seven months of talks.- Nampa-ReutersThe company also said that it was still counting other votes and would provide a further update later this week.It has extended the offer period until today, but reaching the 90 per cent mark means it can choose to delist Skandia shares and force the remaining minority shareholders to sell it their stock.South Africa’s largest life insurer appealed directly to Skandia shareholders after failing to persuade Skandia’s board to back its stock-and-cash deal after seven months of talks.- Nampa-Reuters