|
|
Article: Scottish Annuity & Pacific Life Agree to Acquisition of World-Wide Reassurance; Pacific Life to Become Largest Shareholder of Scottish Annuity.
- Article from:
- Business Wire
- Article date:
- August 6, 2001
CopyrightCOPYRIGHT 2001 Business Wire. 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)
|
Business Editors
NEWPORT BEACH, Fla. & GEORGE TOWN, Grand Cayman--(BUSINESS WIRE)-- Aug. 6, 2001
Scottish Annuity & Life Holdings, Ltd. (Nasdaq:SCOT) announced today that it has agreed to acquire World-Wide Reassurance Company Limited and its parent company World-Wide Holdings Limited, a wholly owned subsidiary of Pacific Life Insurance Company, in exchange for newly-issued ordinary shares of Scottish Annuity valued at $78 million.
As a result of the transaction, Pacific Life will become the largest shareholder of Scottish Annuity, with ownership representing approximately 22% of Scottish Annuity's outstanding ordinary shares, estimated based ...