12 January 2018Insurance

Allianz opens tender offer for Euler Hermes shares

Allianz will open its simplified cash tender offer for  Euler Hermes shares on January 15, offering 122 euros per share, after French markets regulator Autorité des marchés financiers (AMF) cleared Allianz tender offer and the related tender offer document.

The tender offer will close on February 13. Allianz said the offer advances its strategy to invest in profitable businesses and strengthen its position in core home markets – and in property and casualty in particular.

Allianz is offering shareholders, inter alia, a 20.7 percent premium to the pre-announcement closing price on November 24, 2017 and a 30.8 percent premium to the 12 month volume weighted average Euler Hermes share price on the same date.

The offer covers 20.57 percent of the share capital and theoretical voting rights of the company that Allianz does not currently own in Euler Hermes.

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