After months of rejections and speculation, the Swiss reinsurer Converium AG today announced its board of directors unanimously accepted a revised offer from the French reinsurer SCOR.
Markus Dennler, chairman of Converium's board of directors, cited an adjustment in the offer price to explain the change of heart.
"The increase in the offer price represents a significant improvement in the consideration offered to our shareholders," he said. "The offer price recognizes our remarkable turnaround of the past two years. It further reflects the exceptional quality of our staff, longstanding client relationships and excellent growth prospects supported by a strong capital position."
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