Sovereign deal completed
Sovereign's brief history as a listed company is overde
Friday, December 4th 1998, 12:00AM
Sovereign's brief history as a listed company is over, with the news today that ASB Life's offer for shares in the company has gone unconditional.ASB Life chairman Ralph Norris says ASB will now move to formalise its bid and delist Sovereign.
All the conditions ASB placed on its offer have been fulfilled, and acceptances reached 95.5 per cent, he said in a statement today.
ASB will be sending payment of $2.25 a share to all shareholders who have accepted its offer within the next five days.
The group will continue to seek acceptances from remaining shareholders.
"The acquisition of Sovereign is a significant step in the development of the wider ASB group. Sovereign will remain as a standalone company under its own management, operate from its North Shore city base and the Sovereign brand will continue as a high profile one in the market," he said.
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