After three months of rather acrimonious pussy-footing around, Scor and Converium have put aside their differences and announced a recommended deal for Scor to buy Converium.
What was the key? An extra 10%. The cash and shares offer, based on the closing price of Scor shares on Wednesday, now values each Converium share at SFr23.2 – up from the original SFr21.
It was getting dicey there for a while, with law suits and white knight rumours a-plenty. So much so, that in mid-April, Converium filed a lawsuit against Scor alleging violations of US Securities Laws.
Now a volte-face and the happy couple look on track to seal their union – with Converium’s management now reported to be”committed to ensuring a smooth combination of the two businesses.”