AXA Financial, Inc., announced that, “following the receipt of all required regulatory approvals and the satisfaction of all conditions in its merger agreement,” it has completed its acquisition of The MONY Group Inc.
“As a result of the acquisition, MONY is now a wholly owned subsidiary of AXA Financial,” said the announcement. “MONY common stock was de-listed from the New York Stock Exchange and ceased trading prior to the opening of trading today, July 8, 2004. MONY has also filed to de-register its common stock and senior notes registered with the Securities and Exchange Commission effective today.”
Under terms of the merger agreement, which MONY stockholders approved on May 18, 2004, shareholders of record immediately prior to the merger will receive $31.00 in cash from AXA Financial, plus dividends totaling $0.34755 from MONY for each share of MONY common stock.
AXA Financial President and CEO Christopher M. “Kip” Condron commented: “We are excited to welcome the clients, financial professionals and employees of MONY to the AXA Financial family. We’ve been eagerly looking forward to this day so that we can begin implementing the strategies we’ve developed in recent months for merging our companies.
“We believe that this merger significantly enhances the scale of AXA Financial and that together our industry-leading brands, robust product platforms, multi-channel distribution networks, strong client bases, and highly dedicated and trained sales and employee work forces will enable us to greatly expand our presence and influence in the U.S. market for financial advice.”
Concurrent with the closing of the acquisition, A.M. Best Co. announced that it has extended its “A+” (Superior) financial strength rating to The MONY Group Inc.’s insurance subsidiaries.
Best noted that “AXA Financial is a member of the global AXA Group (France) and the parent of The Equitable Life Assurance Society of the U.S. (Equitable Life). A.M. Best has also affirmed the financial strength rating of ‘A+’ (Superior) of Equitable Life and The Equitable of Colorado, Inc. (Colorado).”
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