Zurich Insurance Group (ZURN.SW,ZURVY), on Wednesday, said it has agreed in principle on the key financial terms of a possible all-cash offer to acquire Beazley plc (BEZ.L), valuing the UK specialty insurer at up to 1,335 pence per share, or about 8.0 billion pounds.
Under the proposed terms, Beazley shareholders would receive 1,310 pence per share in cash, with Beazley permitted to pay dividends of up to 25 pence per share for the year ended December 31, 2025, prior to completion.
Zurich said the cash offer price represents a premium of 59.8% to Beazley's closing share price of 820 pence on January 16, a 59.4% premium to the 30-day volume-weighted average share price, and a 34.6% premium to Beazley's pre-offer all-time high of 973 pence.
The cash offer represents a 59.8% premium to Beazley's closing share price on January 16.
Beazley's board said the financial terms are at a level it would be minded to recommend to shareholders, subject to agreement on final terms and a firm offer announcement.
Zurich said it plans to start confirmatory due diligence. Any firm offer must be announced by February 16, under the UK Takeover Code, unless the deadline is extended.
On Tuesday, Beazley closed trading, 0.68% lesser at GBp 1,160 on the London Stock Exchange.
On Tuesday, Zurich Insurance closed trading 0.32% lesser at CHF 556.40 on the Swiss Stock Exchange.
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