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Article: Highfields Capital Releases Statement Regarding Status of Possible Exchange of IRP Shares with SCOR.
- Article from:
- PR Newswire
- Article date:
- May 12, 2005
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BOSTON, May 11 /PRNewswire/ -- Highfields Capital Management ("Highfields") today issued a statement addressing certain incorrect and incomplete information being disseminated about the potential acquisition by SCOR of Highfields' 46.6% ownership of IRP Holdings Ltd., an Irish company formed in 2001 for the purpose of reinsuring part of SCOR's worldwide non-life insurance business.
Contrary to public reports, SCOR will not be acquiring complete ownership of IRP on May 31, 2005, as a result of SCOR's failure to satisfy the procedures, and to provide the financial information, required by the IRP Shareholders Agreement dated December 28, 2001 (the "Agreement"), ...