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Delta Lloyd rejects NN Group's takeover, price is not right

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Staff Writer | October 7, 2016
Delta Lloyd onfirmed that it received an unsolicited and conditional proposal from NN Grou for a possible cash offer for Delta Lloyd at a price of €5.30 per ordinary share.
Delta Lloyd
Acquisition   The boards are not opposed to transactions
The executive board and supervisory board believe that Delta Lloyd is a strong business with a compelling strategy and a clear path to value creation on which it is showing good progress.

Consistent with their fiduciary responsibilities, the boards of Delta Lloyd are not opposed to transactions that would create compelling value for shareholders and deliver benefits to other stakeholders.

The boards are of the opinion that the financial terms and conditions set out in NN Group's proposal do not form an acceptable basis for such a transaction. Accordingly they reject NN Group's proposal.

Hans van der Noordaa, chairman of Delta Lloyd's executive board, said: "We have considered NN Group's proposal carefully and have decided to reject it. We have a clear strategy and we are delivering on our priorities of capital, performance and customer.

"We have made good progress during 2016. Our capital position is now solid with opportunity to improve further capital generation and dividends. In light of this, we cannot accept this proposal."


 

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