December 23, 2016 / 6:32 AM / 10 months ago

NN Group to buy Delta Lloyd for 2.5 billion euros

AMSTERDAM, Dec 23 (Reuters) - The largest Dutch insurer NN Group on Friday raised its proposed bid for peer Delta Lloyd slightly, winning support from the latter’s boards for a takeover valuing the company at around 2.5 billion euros ($2.61 billion).

Delta Lloyd, which had rejected an initial unsolicited 5.30 euro per share offer as insufficient, has accepted the current offer that values it at 5.40 per share.

NN Group said it will pay in a mix of cash and debt and expects a 10 percent return on investment on the deal, which will reduce its solvency to 189 percent. As of the second quarter, NN Group’s solvency was 252 percent.

$1 = 0.9571 euros Reporting by Toby Sterling; Editing by Himani Sarkar

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