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Article: Royal London wins bid battle with pounds 1.1bn offer for Scottish Life
- Article from:
- The Independent (London, England)
- Article date:
- October 3, 2000
- Author:
CopyrightCopyright 2000 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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ROYAL LONDON, the mutual life assurance company, yesterday
clinched victory in the hard-fought bid battle for Scottish Life,
with an agreement to pay pounds 1.1bn for the Edinburgh-based mutual
insurer.
The deal will trigger windfalls for Scottish Life's 220,000
members and some other with-profits policyholders who are not
members. The payout will be a minimum of pounds 500 for members, but
the average windfall will be pounds 4,000 overall.
In securing the deal, Royal London has seen off advanced offers
from the friendly society Liverpool Victoria, GE Capital and at least
one other bidder.
Scottish Life, which was advised by Morgan Stanley, said yesterday
it decided to take up Royal ...