<\/p>\n
Financial services group Sanlam has entered into an implementation agreement with short-term insurer Santam to acquire all the ordinary shares in Santam that it does not already own, by way of a scheme of arrangement.<\/p>\n
This was disclosed in a JSE Sens announcement.<\/p>\n
Subject to Santam shareholder and regulatory approval, Sanlam will acquire the remaining shares through its wholly owned subsidiary, Sanlam Life, which currently holds an effective stake of just under 63% in Santam, making it the clear majority shareholder.<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n
Read:<\/p>\n
Strong inflows and new business drive Sanlam\u2019s Q1 growth
\nSantam drops US investment as property-rate dip damps outlook<\/p>\n
Once completed, Santam will become a wholly owned subsidiary of Sanlam and will be delisted from the Johannesburg Stock Exchange, the Namibian Stock Exchange and A2X.<\/p>\n
Under the terms of the transaction, eligible Santam shareholders will receive an all-cash consideration of R505 per Santam share.<\/p>\n
The offer represents a 26.6% premium to Santam\u2019s closing share price of R399 on 2 October, as well as a 25% premium to its 30-day volume-weighted average price (VWAP) and a 28.6% premium to its 90-day VWAP.<\/p>\n
ADVERTISEMENT:<\/p>\n
CONTINUE READING BELOW<\/p>\n
The offer price is also above Santam\u2019s all-time high share price of R451.70.<\/p>\n
Santam\u2019s independent board, having considered the terms of the transaction and consulted with the independent expert, has confirmed that it unanimously supports the scheme and will recommend that eligible shareholders vote in favour of the scheme resolution at the general meeting.<\/p>\n
Sanlam says the transaction represents a natural next step in its longstanding relationship with Santam, which spans more than a century, and will accelerate its Vision 2030 ambition of \u201csimplifying the group and accelerating quality growth\u201d.<\/p>\n
#Sanlam #big #buyout #delisting #deal #Santam<\/p>\n","protected":false},"excerpt":{"rendered":"
Financial services group Sanlam has entered into an implementation agreement with short-term insurer Santam to…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[237,4626,110,22489,2444,1465],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/17577"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17577"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/17577\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}