Catlin confirms XL’s £2.5bn takeover approach
Deal would be funded through mixture of cash and shares.
Bermuda-based Catlin Group has confirmed press speculation about a £2.5bn takeover approach by XL Group.
The Lloyd's insurer explained that under the terms of the offer XL, which is listed on the New York stock exchange but has its headquarters in Dublin, would buy 100% of the company for £4.10 per Catlin share plus 0.13 XL shares per Catlin share.
The net result values the deal at £2.5bn.
In a statement Catlin noted: "A combination of XL and Catlin would create a leading player in property and
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