Board unanimously recommends takeover deal.
Cover-More has announced a proposed take-over by the Zurich Insurance Company in a deal worth $741 million.
The company’s board says it has entered into a Scheme Implementation Agreement (SIA) under which it is proposed Zurich will acquire all ordinary shares in Cover-More by way of a Scheme of Arrangement.
The deal would entitle shareholders to $1.95 per share, representing an implied market capitalisation of $741 million and an implied enterprise value of $854 million.
The offer is a 48.3% premium over the last closing price of Cover-More, which ended at $1.32 on Friday.
For more detail see today’s Travel Daily.