Ensurance shareholders accept PSC takeover offer
PSC Insurance Group will acquire Ensurance after the underwriting agency’s shareholders voted to accept the takeover offer.
About 99.92% of votes cast by Ensurance shareholders backed the PSC offer, which was made via a scheme of arrangement that is subject to court approval.
The Supreme Court of Western Australia has approved the scheme, Ensurance said in a statement.
PSC had announced in August it intends to acquire all of the shares in the underwriting agency via the scheme of arrangement under Part 5.1 of the Corporations Act 2001. The offer to acquire Ensurance puts the purchase price at no less than $25.2 million.
The removal from official quotation of Ensurance shares on the ASX is set for November 20 or as otherwise determined by the Australian Securities and Investments Commission.