SYDNEY Dec 12 Australian travel insurance
provider Cover-More Group on Monday said it had agreed
to a A$741 million ($551.16 million) takeover offer from
Switzerland's Zurich Insurance Group.
Under the deal, Zurich will acquire Cover-More for A$1.95
cash a share, a 48 percent premium to the target's last closing
price of A$1.32 on Friday.
It marks Zurich's second acquisition in the Australian
insurance market this year. Zurich in March purchased Macquarie
Group's life insurance division for an undisclosed sum.
($1 = 1.3444 Australian dollars)
(Reporting by Jamie Freed; Editing by Bernard Orr)