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UPDATE 1-British insurer Hastings agrees to $2.2 bln buyout offer

Wed, 5th Aug 2020 07:56

(Adds details from statement, Hastings' results)

HELSINKI, Aug 5 (Reuters) - British motor insurer Hastings
agreed a 1.66 billion pounds ($2.17 billion) takeover
by Finland's Sampo and South Africa's Rand Merchant
Investment (RMI), the companies said on Wednesday.

The deal was signed with investment vehicle Dorset Bidco Ltd
and offers 250 pence a share to Hastings' investors, alongside
an interim dividend of 4.5 pence a share.

Sampo wants to expand into non-life insurance and beyond
Nordic markets, it said in a statement, explaining its interest
in Hastings. RMI Group has owned 30% of Hastings since 2017,
Sampo said.

The terms of the offer, excluding the dividend, represent a
47.1% premium to Hastings' 170 pence closing share price on July
28, the last trading day before Hastings flagged an approach.

After the deal is completed, Main Street, an entity owned by
RMI and its unit OUTsurance, will hold a 30% stake in Hastings,
while Sampo will have a 70% holding.

Alongside the deal, Hastings also reported a 31% jump in
first-half adjusted operating profit to 78.3 million pounds
driven by strong policy growth and a fall in motor claims as
Britons drove less due to the coronavirus restrictions.
($1 = 0.8468 euros)
($1 = 0.7646 pounds)
(Reporting by Anne Kauranen and Muvija M, editing by Louise
Heavens and Sinead Cruise)

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