(Reuters) - Spanish insurance company Catalana Occidente's majority shareholder Inoc on Thursday a launched a bid to buy the shares in the company it does not own to eventually delist it. Inoc, which
Inoc's Bid to Delist Catalana Occidente: A Strategic Move
(Reuters) - Spanish insurance company Catalana Occidente's majority shareholder Inoc on Thursday a launched a bid to buy the shares in the company it does not own to eventually delist it.
Inoc, which already holds a 62.03% stake in the 5.05 billion euro company, offered 50 euros ($53.93) per share, represents a premium of 18.3% on Wednesday's closing price, it said.
Catalana Occidente shares jumped 17% on Friday morning to 49.40 euros.
If the tender offer is successful, Inoc intends to exercise a squeeze-out of any minority investors and delist Catalana Occidente's shares from the stock exchange.
Catalana Occidente's board of directors will review the terms and conditions of the offer, the company said in a separate statement.
($1 = 0.9271 euros)
(Reporting by Joanna Jonczyk-Gwizdala in Gdansk. Editing by David Evans and Mark Potter)
