The FINANCIAL — According to Dow Jones, Swiss Life Holding (SLHN.VX) January 14 launched a previously-announced public bid for German financial advisor AWD Holding AG (AWD.XE) at EUR30 a share in cash.
The Swiss life insurer published the offer document approved by the German Federal Financial Supervisory Authority for its voluntary public takeover bid to AWD shareholders. The acceptance period starts Monday and ends on Feb. 22, 2008, at 2400 CET. The price represents a premium of 35% above the volume-weighted average price for the last three months before the announcement on 3 December 2007 of the decision to make a takeover bid.AWD's management board has pledged its support for the offer.
Together, the Maschmeyer family and Swiss Life already hold around 46% of the shares in AWD. Swiss Life aims to obtain a majority interest in AWD. The offer does not envisage a minimum acceptance threshold. The location of the AWD Group's headquarters will remain in Hanover. The company will also continue to be listed on the stock exchange until further notice. As founder, major shareholder and CEO of AWD, Carsten Maschmeyer will remain at the head of the company for at least another five years and ensure the success of AWD's further development.
"We are convinced that many AWD shareholders will recognize the attractive price we are offering and will tender their shares," said Swiss Life Group CEO Rolf Doerig. "The support of the AWD management board and the Maschmeyer family gives our offer additional clout. We are looking forward to a successful partnership for both companies."
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