IAG rejects QBE's latest takeover bid
Insurance Australia Group has rejected QBE’s latest takeover bid, describing it as being “inadequate and incomplete”.
The insurer’s board said it could not recommend the proposal as it was priced opportunistically and was not a fully developed offer or bid.
In a statement it said: “The latest QBE proposal on Friday, 16 May 2008 of 0.145 QBE shares and 90 cents cash per IAG share equals $4.60 per IAG share. This represents a premium of only 10% based on the price of IAG and QBE shares the day before the announcement of discussions. IAG considers a 10% premium is insufficient given IAG’s value and the available
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