PSC Insurance Group Secures Shareholder Approval for Takeover

MT Newswires Live09-26

PSC Insurance Group (ASX:PSI) secured shareholder approval for its proposed takeover by Rosedale Bidco, a member of Ardonagh Group, via a scheme of arrangement priced at AU$6.19 per share, according to a Thursday filing with the Australian bourse.

The second hearing by the Federal Court of Australia is slated for Oct. 1, the filing said. Once approved, the court order is expected to be filed with the Australian Securities and Investment Commission on Oct. 2, making the scheme effective.

Trading in the company's shares is expected to be suspended by the end of Oct. 2, with the scheme implemented by Oct. 11, the filing added.

Price (AUD): $6.17, Change: $-0.01, Percent Change: -0.16%

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