Delta Lloyd rejects proposed takeover bid by NN Group
Dutch insurer and financial services company Delta Lloyd NV has rejected a proposed 2.4 billion euro ($2.67 billion) takeover bid by local rival NN Group NV, saying it "substantially undervalues" the company.
In a statement Friday, Delta Lloyd executive board chairman Hans van der Noordaa says the company has performed well this year. He says, "our capital position is now solid with opportunity to improve further capital generation and dividends. In light of this, we cannot accept this proposal."
NN Group said Wednesday that it intended to make a 5.30 euro ($5.90) per share cash offer for Delta Lloyd, a premium of 29 percent over the previous day's closing price.
By late morning, Delta Lloyd shares on Amsterdam's Euronext exchange were up 1 percent at 5.366 euros ($5.97).