PIB Group is moving closer to finalising its acquisition of Jigsaw Insurance Services, having been granted approval by the Financial Conduct Authority (FCA).
It was also announced that valid acceptances of PIB’s offer have been received in respect of more than 97% of Jigsaw’s existing issued share capital.
“With valid acceptances of the offer having been received in respect of 10,092,174 Jigsaw shares (representing 97.2% of the existing issued share capital of Jigsaw), and the approval by the FCA of the acquisition having been obtained, PIB has waived all other conditions to the offer,” noted Jigsaw in a London Stock Exchange filing.
“This means that the offer has become unconditional in all respects. In accordance with the terms of the offer, withdrawal rights have now ceased to be exercisable.”
Meanwhile, the offer will remain open for acceptance until further notice.
The company being acquired added: “Jigsaw shareholders who have not yet accepted the offer are urged to do so as soon as possible.”
Shareholders must complete the form of acceptance and send to Neville Registrars Limited, which is also on hand to help those in need of assistance in completing the form.
Jigsaw went on to state: “As the offer has become unconditional and the buyer has received acceptances under the offer in respect of not less than 90% of the Jigsaw shares by nominal value and voting rights to which the offer relates and all of the other conditions have been satisfied or waived, the buyer intends in due course to exercise its rights… to acquire compulsorily any outstanding Jigsaw shares in respect of which the offer has not been accepted.
“The buyer will also seek to re-register Jigsaw as a private limited company pursuant to the Companies Act in due course.”
