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NN Group launches 2.4 bln euro bid for Delta Lloyd
October 5, 2016 / 5:31 AM / a year ago

NN Group launches 2.4 bln euro bid for Delta Lloyd

AMSTERDAM, Oct 5 (Reuters) - NN Group, the largest Dutch insurer by market capitalisation, on Wednesday launched an offer to buy the number 3 Delta Lloyd for 2.4 billion euros ($2.7 billion) in cash.

NN Group said it would offer 5.30 euros per share for Delta, a 29 percent premium over its closing price on Tuesday, and 53 percent higher than its three-month average.

NN has thrived due to strong capitalisation under Europe’s new Solvency II rules, while Delta Lloyd swooned and twice it has been forced to issue shares. NN Group’s bid is subject to approval from Delta’s board, regulators and shareholders. ($1 = 0.8917 euros) (Reporting by Toby Sterling; Editing by Sherry Jacob-Phillips)

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