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Australia's Cover-More agrees to A$741M takeover offer from Zurich Insurance

Australia's Cover-More Group Ltd. agreed to a A$741 million takeover offer from Zurich Insurance Co. Ltd.

The company said Dec. 12 that it entered into a scheme implementation agreement with Zurich Insurance, a unit of Zurich Insurance Group Ltd., under which Cover-More shareholders will be entitled to receive A$1.95 per share.

The board of Cover-More recommended that shareholders vote in favor of the scheme in the absence of a superior proposal. The proposed offer represents a premium of 48.3% over the last closing price Dec. 9 of A$1.32.

Shareholders will vote on the scheme at a meeting to be held in late March or early April 2017. The scheme is expected to be implemented in mid or late April 2017.

Macquarie Capital (Australia) Ltd. and Gilbert + Tobin are advising Cover-More.

As of Dec. 9, US$1 was equivalent to A$1.34.