The ongoing battle between Wellington Plc and Australia’s QBE Insurance Group for control of Lloyd’s insurer Limit Plc has been decided in favor of the Aussies, as Limit’s directors reversed their previous recommendation in favor of Wellington, and endorsed QBE’s bid.
Wellington acknowledged defeat, and announced yesterday that it would not compete further for Limit, saying it did not intend to increase its offer to match QBE’s 140 pence ($2.10) a share bid.
The new bid values Limit at around £375 million ($563 million), and was welcomed in Australia by QBE president Frank Halloran, who told Reuters News Agency that the price “meets QBE’s acquisition criteria.”
A formal announcement is expected to be made soon.
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