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Article: EXEL Limited Sets Cash Election Price for Merger with Mid Ocean Limited
- Article from:
- PR Newswire
- Article date:
- July 29, 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)
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HAMILTON, Bermuda, July 29 /PRNewswire/ -- EXEL Limited (NYSE: XL) ("EXEL") announced today that the evaluation period for the cash election option under the terms of the Arrangements of EXEL's pending merger with Mid Ocean Limited (NYSE: MOC) ended on July 28, 1998.
Pursuant to the terms of the Arrangements, holders of EXEL shares and Mid Ocean shares who choose to receive cash in lieu of exchanging their EXEL shares or Mid Ocean shares for New EXEL shares shall receive $81.23125 in cash in respect of each New EXEL share they would have been entitled to receive (which amount is equal to the average of the closing sales prices for an EXEL share on the New York Stock ...