PARIS (Agefi-Dow Jones)–Life insurance specialist CNP Assurances announced on Thursday that its board of directors recommended that its shareholders tender their shares to La Banque Postale’s takeover bid.
The insurer’s board of directors issued a favorable reasoned opinion on this offer of 21.90 euros per share, dividend attached, judging this proposal “in the interest of the company and its shareholders”.
The group’s board relied in particular on the work of an ad hoc committee and a report by the firm Ledouble, acting as an independent expert, who judged La Banque Postale’s offer “fair” for the company shareholders.
After buying out the BPCE banking group’s 16.1% stake in CNP Assurances in December, La Banque Postale filed its draft simplified tender offer for the insurer’s capital last month with the Autorité des financial markets (AMF).
According to CNP Assurances’ draft response to this offer, La Banque Postale currently holds 85.25% of its capital and 90.83% of its voting rights.
The public banking group had announced at the end of October its intention to launch the takeover of the minority shareholders of the insurer in order to promote “the emergence of a simplified and integrated group, while preserving the multi-partner and international model which has made the success of CNP Assurances”.
-Julien Marion, Agefi-Dow Jones; +33 (0)1 41 27 47 94; [email protected] ed: LBO
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
April 07, 2022 12:13 ET (16:13 GMT)