(Alliance News) - Hastings Group Holdings PLC on Wednesday said approached by a consortium over a possible cash offer for the FTSE 250-listed insurer.
A consortium, headed up by Sampo Oyj and Johannesburg-listed Rand Merchant Investment Holdings Ltd has approached Hastings to acquire the rest of the shares in the company it does not already own. Rand owns about a 30% stake in Hastings.
Hastings shares were up 13% at 192.60 pence each in London on Wednesday afternoon, giving it a market capitalisation of GBP1.27 billion. Shares in Rand Merchant were 3.0% higher at ZAR32.88 shortly before market close in Johannesburg.
"There can be no certainty that any firm offer will be made for the company, nor as to the terms on which any offer might be made," Hastings said.
Hastings has established an independent board committee, which excludes Herman Bosman - Rand's representative - "to consider this approach".
By Eric Cunha; ericcunha@alliancenews.com
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