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20th January 2021
Intact Financial and RSA shareholders agree acquisition terms
Intact Financial Corporation has reported that, at the RSA Court Meeting and the RSA General Meeting, each held in connection with the offer for RSA by Regent Bidco Limited, a wholly-owned subsidiary of Intac,t to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006.
The requisite majority of Scheme Shareholders voted to approve the Scheme; and the requisite majority of RSA Shareholders voted to pass resolutions to implement the Scheme.
In addition, Intact has received unconditional approval for the acquisition from the Canadian regulator..
The closing of the Acquisition is expected to occur in the second quarter of 2021 subject to receipt of approval from the relevant regulatory and antitrust authorities and the satisfaction or (where capable of waiver) waiver of other conditions to closing.
"Today's RSA shareholder vote is an important milestone," said Charles Brindamour, ceo of Intact Financial Corporation. "With shareholder support and the Canadian Competition Bureau's recent approval, we remain on track to complete the Acquisition in the second quarter of 2021. Planning is underway and we look forward to welcoming our RSA colleagues into the Intact family."
RSA Trends(605 articles)
Intact Financial Trends(13 articles)