Share holders Of EXEL, Mid Ocean Approve Merger

National Underwriter Property & Casualty-Risk & Benefits Management, August, 1998 by LONKEVICH, DAN

EXEL Ltd. and Mid Ocean Ltd. said their shareholders voted overwhelmingly in Favor of the merger of the two Bermuda companies at separate shareholder meetings. The companies said more than 80 percent of each company's shares outstanding were voted in favor of the merger, which is subject to the approval of the Grand Court of the Cayman Islands.

The Grand Court was expected to hold a hearing on the merger Aug. 7, and the transaction was expected to close promptly after court approval. EXEL and Mid Ocean also announced that the cash election portion of the merger, the period of which expired Aug. 1, was fully subscribed. After the merger is completed, holders of 3.5 million shares of EXEL will receive $204 million, while holders of 4.9 million shares of Mid Ocean...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.