The scheme of arrangement for the sale of esure Group plc has received the green light from shareholders.
Announcing the results of yesterday’s polls, esure said the requisite majority of independent shareholders voted to approve the scheme at the court meeting while the special resolution to implement the scheme was passed at the general meeting. The shareholder nod also applies to the amendment of esure’s articles of association.
Under the terms of the acquisition by Blue (BC) Bidco Limited (Bidco), scheme shareholders will receive 280 pence in cash for each scheme share. Bidco, a wholly owned subsidiary of funds advised by Bain Capital Private Equity, LP and its affiliates, is snapping up esure’s entire issued and to be issued share capital.
The deal values the British insurer’s share capital at approximately £1.2 billion on a fully diluted basis, and represents a premium of about 37% to the closing price per share of 204 pence on August 10.
Meanwhile, in a separate announcement, it was revealed that Societe Generale SA now has a 5.81% interest in esure.
