Tag: #BusinessMergers

Appleby Advised Lexmark For Kofax Acquisition

Appleby Advised Lexmark For Kofax Acquisition

Appleby acted as Bermuda counsel to Lexmark International, Inc. [Lexmark] in relation to its acquisition of Kofax Limited [Kofax]. Lexmark and Kofax entered into a merger agreement pursuant to which Lexmark acquired all of the outstanding shares of Kofax for $11.00 per share in cash for a total enterprise value of approximately US$1billion, net of cash... Read more of this article

Tax Scrutiny Repels Bidders From Takeovers

Tax Scrutiny Repels Bidders From Takeovers

The IRS’s scrutiny of tax avoidance in offshore locations has discouraged bidders from taking over reinsurers, potentially reducing the companies’ value, Bloomberg reports. “Montpelier Re Holdings Ltd. and Platinum Underwriters Holdings Ltd., both based in Bermuda, have each said in recent regulatory filings that potential suitors backed away... Read more of this article

Arch Completes Restructuring Of Gulf Re

Arch Completes Restructuring Of Gulf Re

Arch Reinsurance Ltd‘s acquisition of Gulf Reinsurance Ltd., a specialty reinsurer based in the Dubai International Financial Centre, has been completed. The company said, Gulf Re was founded jointly by Arch and the Gulf Investment Corporation [GIC] in 2008. In 2014, Arch and the GIC signed an agreement whereby Arch would acquire 100% ownership... Read more of this article

EXOR Announce Another Offer For PartnerRe

EXOR Announce Another Offer For PartnerRe

EXOR, one of Europe’s leading listed investment companies, today [May 12] announced another offer to buy Bermuda-based PartnerRe Ltd, with the offer to acquire all of the outstanding common shares of PartnerRe for $137.50 per share in cash, valuing PartnerRe at $6.8 billion. Earlier this month, PartnerRe Ltd. announced that it rejected the first... Read more of this article

RA Grants Approval: Digicel’s Purchase Of BTC

RA Grants Approval: Digicel’s Purchase Of BTC

[Updated] The Regulatory Authority of Bermuda has decided to grant its written approval of the purchase of the Bermuda Telephone Company by Telecommunications [Bermuda & West Indies Limited, Digicel Bermuda]. The RA said, “After a nearly three-month long review, which included a request for public comment, the merger was approved subject... Read more of this article

Fosun To Acquire Remaining Interest: Ironshore

Fosun To Acquire Remaining Interest: Ironshore

Ironshore Inc. and Fosun International Limited have entered into a definitive agreement for Fosun to acquire the remaining interest in Ironshore that Fosun does not already own. “On February 12, 2015, Fosun closed its purchase of ordinary shares of Ironshore representing 20 percent of Ironshore’s total outstanding ordinary shares on a fully... Read more of this article

XL Catlin: “Insurance for a Bold New World”

XL Catlin: “Insurance for a Bold New World”

Following the completion of XL Group plc‘s cquisition of Catlin Group Limited on May 1, XL and Catlin have officially joined operations and launched a new brand, XL Catlin. As of now, XL’s insurance and reinsurance operations will use the brand name XL Catlin. The parent company will remain XL Group plc.XL Catlin’s CEO Mike McGavick... Read more of this article

EXOR Still “Committed” To Offer For PartnerRe

EXOR Still “Committed” To Offer For PartnerRe

EXOR said it “notes the decision by the Board of Directors of PartnerRe Ltd. to abandon its prior agreement and accept a revised but still inferior transaction from AXIS Capital Holdings Limited in preference to EXOR’s own proposal.” Yesterday PartnerRe, a Bermuda-based re/insurer, reaffirmed its commitment to the planned merger with... Read more of this article

PartnerRe Reaffirms Commitment: AXIS Merger

PartnerRe Reaffirms Commitment: AXIS Merger

Bermuda-based PartnerRe Ltd. today [May 4] announced that its Board of Directors has rejected the unsolicited proposal by EXOR to acquire PartnerRe. PartnerRe said, “The Company further reaffirmed its commitment to the planned merger with AXIS Capital Holdings Limited and announced enhanced merger terms that allow PartnerRe to pay a one-time... Read more of this article

XL Group Completes Acquisition Of Catlin Group

XL Group Completes Acquisition Of Catlin Group

XL Group plc has completed the acquisition of Catlin Group Limited following the parties’ previously announced entry into an agreement on January 9, 2015 to acquire all of the capital stock of Catlin to form a combined business . The closing of the transaction follows the receipt of all necessary regulatory approvals, Catlin shareholder approval,... Read more of this article

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