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Delta Lloyd shareholders approve NN Group's €2.5B offer

A majority of Delta Lloyd NV's shareholders on March 29 approved the company's conditional legal merger with NN Group Bidco BV, a wholly owned subsidiary of NN Group NV.

The combination will be a triangular legal merger of Delta Lloyd into NN Group Bidco, whereby Delta Lloyd shareholders will receive listed ordinary shares in NN Group NV.

Following the approval, NN Group can declare its offer unconditional as soon as 67%, rather than 95%, of Delta Lloyd shares are held by NN Group and the offer conditions have been satisfied or waived.

NN Group Bidco in February made an all-cash offer of €5.40 for each issued and outstanding ordinary share of Delta Lloyd, representing a total consideration of €2.5 billion.

Delta Lloyd's shareholders also approved the conditional appointment of NN Group CEO Lard Friese, CFO Delfin Rueda and Chief Risk Officer Jan-Hendrik Erasmus to Delta Lloyd's supervisory board with effect from the settlement date. Completion of the offer is expected in the second quarter.