Converium rejects SCOR’s offer of acquisition

Converium has rejected an offer by SCOR for the whole of the share capital of the company.
In a press release, Converium representatives said that the board of directors of Converium continues to be unanimous in its rejection of the offer.
The unsolicited proposal fundamentally fails to recognize the value of Converiums franchise and growth prospects, and is, therefore, not in the interest of Converium, its shareholders, and its customers, said a company statement.
The board of directors will comment further once SCORs offer prospectus is published.
The statement comes one week after SCOR announced that it had acquired 32.9% of the share capital of Converium Holding AG.
8.3% of SCORs stake in Converium was secured through direct market purchases, and 24.6% through share purchase agreements, the consummation of which is subject to regulatory approvals, according to a SCOR press release from the time of the acquisition.
SCOR is fully convinced that the combination of Converium and SCOR is in the best interest of both companies, their shareholders and stakeholders, added the release.