After nearly a month of negotiations, Sun Life & Provincial Holdings says that no progress had been reached on buyout terms with its majority shareholder, AXA.
Following the acquisition of Guardian Royal Exchange, AXA’s share in SLPH was reduced to 56.3 percent, and the share price has fallen. AXA expressed interest last March in acquiring the remaining shares, but the price and the terms were to be negotiated between AXA and the independent Directors of SLPH.
These talks are apparently at an impasse for the time being. AXA has indicated that it will make a new proposal soon.
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