Deals
Catlin Says XL Group Made Takeover Bid for $3.9 Billion
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XL Group Plc, the insurer increasing its focus on commercial coverage, has approached Catlin Group Ltd. with a possible offer to buy the Lloyd’s of London company for about 2.5 billion pounds ($3.9 billion).
XL would pay 410 pence in cash and 0.130 XL share for each Catlin common share, the Bermuda-based target company said in a statement today. Based on XL’s closing price yesterday, the offer values each Catlin share at 699 pence apiece. The stock jumped 15 percent at 2:05 p.m. in London to 671 pence.