|
|
Article: EXEL Limited Announces Final Results of Cash Election
- Article from:
- PR Newswire
- Article date:
- August 17, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
HAMILTON, Bermuda, Aug. 17 /PRNewswire/ -- EXEL Limited (NYSE: XL) ("New EXEL") announced today the final results of the cash election portion of its recently completed merger with Mid Ocean Limited ("Mid Ocean"). In the merger, former EXEL Limited ("Old EXEL") shareholders and Mid Ocean shareholders were given the opportunity to elect cash in lieu of shares of New EXEL in exchange for their respective shares up to an aggregate of $204 million for Old EXEL shareholders (on a pro rata basis) and an aggregate of $96 million for Mid Ocean shareholders (on a pro rata basis).
The cash election period expired on August 1, 1998, and the cash election was fully ...