Slaughter and May is advising Catlin Group Limited, the Bermuda-domiciled international specialist property/casualty insurer and reinsurer, in relation to the recommended cash and share acquisition of Catlin by XL Group plc.
Under the acquisition, Catlin shareholders will receive 388 pence in cash and 0.130 XL shares for each Catlin share. The acquisition, together with Catlin's expected 2014 final dividend of 22 pence, values the company at approximately £2.79 billion. In addition, Catlin shareholders will receive a dividend of approximately 12 pence per share subject to completion of the disposal of Catlin's investment in Box Innovation Group.
The acquisition, which was announced on 9 January 2015, is to be implemented by a two-step integrated process comprising a Bermudan scheme of arrangement and a Bermudan merger. The acquisition will be subject to, among other things, the approval of Catlin's shareholders and applicable regulatory and competition clearances. It is expected that the acquisition will complete in mid-2015.