L
LequteMan
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FBN Insurance Limited has completed the acquisition of Oasis Insurance Plc, Daily Independent reports:
While FBN Insurance had initially acquired 71.2 per cent equity interest in Oasis Insurance through a block divestment in February 2014, the company subsequently made a mandatory takeover bid for the remaining 28.8 per cent equity interest in Oasis Insurance since Oasis is listed on the Nigerian Stock Exchange (NSE). This is in accordance with Rules of the Securities & Exchange Commission.
By the close of the takeover bid on July 31, 2014, FBN Insurance received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance to approximately 91.1 per cent.
Thereafter, FBN Insurance elected to exercise its rights under Section 146(2) of the Investments and Securities Act to compulsorily acquire shares belonging to the minority shareholders having crossed the 90 per cent threshold.
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#Nigeria #FBN #Oasis
While FBN Insurance had initially acquired 71.2 per cent equity interest in Oasis Insurance through a block divestment in February 2014, the company subsequently made a mandatory takeover bid for the remaining 28.8 per cent equity interest in Oasis Insurance since Oasis is listed on the Nigerian Stock Exchange (NSE). This is in accordance with Rules of the Securities & Exchange Commission.
By the close of the takeover bid on July 31, 2014, FBN Insurance received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance to approximately 91.1 per cent.
Thereafter, FBN Insurance elected to exercise its rights under Section 146(2) of the Investments and Securities Act to compulsorily acquire shares belonging to the minority shareholders having crossed the 90 per cent threshold.
click here to read more
#Nigeria #FBN #Oasis
