JLT Corporate Risks Ltd., a subsidiary of the Jardine Lloyd Thompson Group, announced that as of May 21 it has received 48,176,192 valid acceptances of its share offer for Pavilion Insurance Network Plc., approximately 87.36 percent of Pavilion’s issued share capital.
JLT Corporate Risks said that as it now “holds or has agreed to acquire (either pursuant to the Offer or otherwise),” more than 50 percent of Pavilion Shares, it has waived the 90 percent acceptance threshold contained in the original offer.
The bulletin said that all of the conditions of the Offer “have now been satisfied or waived. Accordingly the Offer is now declared unconditional in all respects.” Settlement of the consideration due under the Offer in respect of valid acceptances will be made on or before June 4 2007.
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