Log In

Reset Password
BERMUDA | RSS PODCAST

Merger deal expected to close today

RenaissanceRe Holdings Ltd's acquisition of fellow Bermuda reinsurer Platinum Underwriters Holdings Ltd is expected to close today.

The $1.9 billion cash-and-stock merger deal was announced in November.

Platinum shareholders were invited to choose between receiving either RenRe shares, cash, or a combination of RenRe shares and cash, in exchange for their Platinum shares.

Shareholders had until Thursday to elect their preference. On Friday, RenRe announced the preliminary merger consideration election results.

Shareholders who collectively owned the largest percentage of outstanding Platinum shares opted for the shares-only option. Accounting for approximately 53.9 per cent of the company's outstanding shares, they chose to receive 0.6504 RenRe common shares, subject to proration, in exchange for their shares.

Other shareholders opted for either the cash-only or shares and cash options.

RenaissanceRe

You must be Registered or to post comment or to vote.

Published March 02, 2015 at 8:00 am (Updated March 01, 2015 at 9:00 pm)

Merger deal expected to close today

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon