IAG rejects QBE's latest takeover bid

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 availab