AXIS Capital Announces Final Offer For Novae
Bermuda-based AXIS Capital Holdings Limited announced that it has made a full and final offer of 715 pence per share for Novae Group plc. This offer values the entire share capital of Novae at approximately £477.6 million.
Albert Benchimol, President and CEO of AXIS Capital, commented, “This acquisition is fully aligned with AXIS Insurance’s international specialty insurance growth strategy and will combine two highly complementary businesses. We firmly believe this combination will create significant value for AXIS’s shareholders with limited execution risk.
“The benefits of this transaction announced with our initial offer have not materially changed with this revised offer. We continue to expect meaningful earnings and ROE accretion within the first year after close.
“We believe that our final bid represents compelling and full value for Novae, as recognized by the Boards of both companies. By offering Novae Shareholders an improved cash offer, AXIS aims to bring certainty to the transaction.”
Further information for Novae shareholders can be found here.
