LONDON--Reinsurance firm Catlin Group Ltd. (CGL.LN) said
Wednesday it has received an approach, and is in advanced talks,
for a cash and share offer by XL Group PLC (XL) which values the
company at 2.53 billion pounds ($3.97 billion).
XL Group, a global insurance and reinsurance firm, is offering
410 pence and 0.13 of its own shares for each Catlin common share
held, valuing each share at 699 pence. Shareholders will not
receive a final dividend for 2014.
"Discussions are currently ongoing between both parties and the
final terms of any possible offer are subject to the completion of
mutual due diligence," Catlin said, cautioning that there can be no
certainty the talks will lead to any deal, or certainty as to the
final terms.
Catlin also said Wednesday that it is in advanced talks to sell
its interest in Box Innovation Group Ltd. and that any money raised
from the sale will be returned to shareholders.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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