(Reuters) -Vienna Insurance Group (VIG) said late on Thursday it was offering to acquire all shares of German insurer Nuernberger Beteiligungs AG for 1.38 billion euros ($1.61 billion) in cash. VIG
Vienna Insurance Group Proposes $1.61 Billion Acquisition of Nuernberger
(Reuters) -Vienna Insurance Group (VIG) said late on Thursday it was offering to acquire all shares of German insurer Nuernberger Beteiligungs AG for 1.38 billion euros ($1.61 billion) in cash.
VIG will offer Nuernberger shareholders 120 euros per share, the insurer said in a statement, implying a premium of about 15% to the German firm's last close of 104.5 euros, according to Reuters calculations.
Major shareholders that control around 64.4% of Nuernberger have agreed to put up their shares for sale, while members of its management board confirmed they will tender all shares they hold, VIG added.
Vienna Insurance Group announced in August it was in exclusive due diligence for a potential takeover of a controlling stake in the German company, without specifying a possible price.
($1 = 0.8552 euros)
(Reporting by Gursimran Kaur in Bengaluru; Editing by Shreya Biswas)
