Scottish Re merges with shareholder group
Bermuda-based life reinsurer Scottish Re Group Ltd yesterday announced the completion of its merger with a newly formed subsidiary of its controlling shareholders.
SRGL Acquisition, LDC an affiliate of private-equity group Cerberus Capital Management and certain affiliates of Massachusetts Mutual Life Insurance Company carried out the arrangement previously approved by shareholders.
Effective yesterday, all existing ordinary shares of Scottish Re, which traded on the Pink Sheets, have been cancelled and all holders of record, other than registered holders of ordinary shares that have exercised dissenters’ rights under the laws of the Cayman Islands, are now eligible to receive merger consideration of 30 cents per ordinary share.
BNY Mellon Shareowner Services is acting as paying agent for the Investors and will arrange for payment of the merger consideration to such holders of record.