Ace Chubb Merger Agreement

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The merger is subject to certain customary additional completion conditions, including obtaining administrative approvals in several jurisdictions. Chubb also expects the merger to be completed in the first quarter of 2016. The final price of the cash and equity agreement is slightly higher than the $28 billion agreement originally announced on July 1. It increased higher on the basis of the closing price of ACE Ltd`s shares and the number of shares outstanding in Chubb`s common stock as of January 12. Shareholders may receive free copies of the joint proxy/common prospectus and other documents submitted to the SEC (if applicable) on the SEC`s website, Copies of the documents submitted by ACE to the SEC are available free of charge on the ACE website at Copies of Chubb`s sec filings are provided free of charge on Chubb`s website. ACE and Chubb will hold a joint conference call today at 8:30 a.m.m Eastern. The conference call will be available via a live webcast on the investor relations sections of the ACE and Chubb websites or

Those who participate by phone should dial 888-481-2864 (within the United States) or 719-325-2214 (international), passcode 3219329. A repeat of the call is available until Wednesday, July 15, 2015 and the archived webcast is available for one month. To listen to the rehearsal, please choose 888-203-1112 (U.S.) or 719-457-0820 (international), passcode 3219329. ACE Ltd. and Chubb said they had obtained all necessary regulatory approvals and would conclude their $29.7 billion merger agreement today, January 14, six months after the company`s surprise deal was first announced. As we saw in the first part of this series, ACE Limited (ACE) is buying Chubb (CB) in a cash and equity merger worth approximately $28 billion. Chubb shareholders receive 62.93 $US cash plus 0.6019 shares of ACE Limited for each Chubb share. The Chubb merger is expected to be completed in the first quarter of 2016. ZERICH – WARREN, N.J.-Jul. 1, 2015—- (BUSINESS WIRE)-ACE Limited (NYSE: ACE) and The Chubb Corporation (NYSE: CB) announced today that the boards of directors of both companies have unanimously approved a final agreement under which ACE Chubb will take over. Under the terms of the transaction, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of the ACE share. Based on ACE`s closing share price at June 30, 2015, the total value is approximately $124.13 per Chubb share, for a total of $28.3 billion.

This equates to $125.87 per Chubb share using ACE`s 20-day volume-weighted average share price for the period up to June 30, 2015. Once the transaction is completed, ACE shareholders will own 70% of the combined company and Chubb shareholders 30%. The consideration corresponds to an increase of approximately 30% on Chubb`s closing price of $95.14 on June 30, 2015. Other major mergers include the merger between Freescale Semiconductor (FSL) and NXP Semiconductor (NXPI) or the agreement between Baker Hughes (IBB) and Halliburton (HAL). For more information on investing in risk arbitrage, see Merger Arbitrage must-knows: An important guide for investors. More information about the transaction will be published in the investor relations sections of and websites. Chubb Group of Insurance Companies is the marketing concept used to describe several insurance companies incorporated separately in the common ownership of Chubb Corporation.