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On 29 July, Hastings Group plc announced it had been approached by its largest shareholder, Rand Merchant Investment Holdings limited, (RMI) and Sampo plc (together, 'the consortium') regarding a possible offer to acquire the FTSE 250 insurer. The news saw Hastings shares jump 18% at the close of business on 29 July.
RMI is a South African financial services group, listed on the Johannesburg Stock Exchange, holding a 29.7% interest in Hastings since 2017, making it Hastings’ largest shareholder.
Sampo is a Nordic insurer listed on the Finnish stock exchange, Nasdaq Helsinki. The company is considering strategic options to further expand into non-life insurance and increase its geographic footprint. Resultantly, Sampo has announced that ‘potential acquisition of Hastings may represent an attractive opportunity in the non-life insurance market to accelerate this strategy ‘.
Hastings has formed an independent committee compromising of its board of directors, excluding RMI representative Herman Bosman, to review the offer. The consortium will have until 26 August 2020 to confirm a firm offer for Hastings.
Market Tracker will continue to monitor this transaction as it develops.
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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