Endurance & Montpelier Re gain shareholder approval

Montpelier Re and Endurance shareholders yesterday, June 30, 2015, voted in favour of merging the two companies.

The shareholders voted in favour of the proposed merger with Millhill Holdings, a wholly-owned subsidiary of Endurance, at special general meetings held in Pembroke, Bermuda.

The merger remains subject to other customary closing conditions, including receipt of regulatory approvals.

Under the terms of the agreement, the aggregate consideration for the transaction will consist of $450 million in cash and approximately 21.5 million Endurance ordinary shares, which are valued at approximately $1.4 billion based on Endurance’s closing price on March 30, 2015.

Endurance and Montpelier expect to complete the merger early in the third quarter of 2015.