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Article: Scottish Annuity & Life Holdings, Ltd. Completes Acquisition of World-Wide Reassurance; Pacific Life Becomes Largest Shareholder of Scottish Annuity.
- Article from:
- Business Wire
- Article date:
- December 31, 2001
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Business Editors
HAMILTON, Bermuda & NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Dec. 31, 2001
Scottish Annuity & Life Holdings, Ltd. (Nasdaq:SCOT) and Pacific Life Insurance Company announced today that Scottish Annuity had completed the acquisition of World-Wide Reassurance Company Limited and its parent company World-Wide Holdings Limited, from Pacific Life, in exchange for 4,532,380 newly-issued ordinary shares of Scottish Annuity.
The number of Scottish Annuity shares issued to Pacific Life was computed based upon an agreed upon value of $78 million and the average closing price of Scottish Annuity's shares for the twenty trading days ending ...