NN Group, a Dutch insurance and asset management company, has said that it still wishes to make a public offer for all issued and outstanding ordinary shares of its rival, Delta Lloyd.
NN Group had previously made an all-cash offer at €2.4 billion, a premium of approximately 53 percent over the last three-months average closing price of the stock at that time.
The Delta Lloyd supervisory and executive boards had then rejected NN Group's takeover proposal, as the company believed the financial terms and conditions were not satisfactory.
However, NN Group remains of the view that a combination of Delta Lloyd and the Dutch and Belgian activities of NN Group is financially and strategically compelling, as well as beneficial to both companies' stakeholder groups.
NN Group continues to seek engagement on the intended offer with Delta Lloyd and will continue its discussions with relevant stakeholder groups.
Meanwhile, NN Group and its affiliates or brokers may from time to time directly or indirectly purchase, or arrange to purchase, ordinary shares in the capital of Delta Lloyd, that are the subject of the intended offer, according to the press release.
NN Group, Delta Lloyd, M&A, Europe