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RSA Accepts $9.6 Billion Bid in Year’s Biggest U.K. Takeover

  • Intact Financial and Tryg will split up the insurer’s business
  • Price represents a 51% premium to the closing price on Nov. 4
Bloomberg business news
Why Intact Agreed to Buy RSA in Year’s Biggest U.K. Takeover
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RSA Insurance Group Plc accepted a 7.2 billion-pound ($9.6 billion) takeover offer from Canada’s Intact Financial Corp. and Danish insurer Tryg A/S, the biggest acquisition of a U.K.-listed company this year.

The bid is about 50% more than the share price on Nov. 4, the last business day before Bloomberg News reported the takeover talks. That’s the highest premium paid in a European insurance deal for a decade, RSA Chief Executive Officer Stephen Hester said on a call with journalists after the announcement on Wednesday.