SLPH Directors Want AXA To Pay 500 Pence

April 27, 2000

According to reports, analysts now say that AXA will have to pay at least 500 pence ( $7.90) per share if it wants to acquire the 43.7 percent of Sun Life and Provincial Holdings it doesn’t already own. AXA had originally offered 420 pence ($6.64), but the Independent Directors have apparently rejected this figure as insufficient.

One of the largest independent minority shareholders, Prudential, was reportedly seeking 600 pence($9.48) per share. While the independently traded shares of SLPH had fallen considerably below the level of AXA’s initial offer, it still appears to be too low for the Independent Directors. As reported earlier, AXA is expected to make a new offer this week.

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