Wellington looked set to acquire fellow Lloyd's insurer Limit as Reinsurance went to press. Extra...Wellington looked set to acquire fellow Lloyd's insurer Limit as
Reinsurance went to press.
Extraordinary general meetings had been called at both companies for 29
June to approve the merger of Limit syndicates 79, 456 and 566 into
Wellington syndicate 2020.
The move followed Limit's continued support of Wellington's latest cash
bid of 133.5p per share despite an increased offer from QBE of 135p per
share in the latest round of the battle for the company (Re, June 2000,
"The Wellington proposal, which includes a partial alternative of listed
Wellington stock, provides Limit's shareholders with the potentially
valuable alternative of participation in the financial benefits of
combining the Limit and Wellington businesses at an advantageous point in
the insurance cycle. In the opinion of the Board and its financial
advisors, this outweighs the minor difference in the level of cash
offers," Limit said.
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