Business & Finance
Business and Finance
Business and Finance
Thu, August 25, 2011
Wed, August 24, 2011 Scottish Re Group Limited Announces the Completion of the Merger with an Affiliate of its Controlling Shareholders
HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Re Group Limited (aScottish Rea or the aCompanya) (Pink Sheets: SKRRF) announced today the completion of its merger with a newly formed subsidiary of its controlling shareholders, SRGL Acquisition, LDC (an affiliate of Cerberus Capital Management, L.P. (aCerberusa)) and certain affiliates of Massachusetts Mutual Life Insurance Company (aMassMutuala and, together with Cerberus, the aInvestorsa), pursuant to the previously announced merger agreement entered into on April 15, 2011 and approved at an extraordinary general meeting of the Companya™s shareholders held on June 8, 2011.
Effective today, all existing ordinary shares of the Company have been cancelled and all holders of record (other than registered holders of ordinary shares that have exercised dissentersa™ rights under the laws of the Cayman Islands) are now eligible to receive merger consideration of $0.30 per ordinary share. BNY Mellon Shareowner Services is acting as paying agent for the Investors and will arrange for payment of the merger consideration to such holders of record.
With the completion of the merger, all outstanding voting shares of the Company are now owned by the Investors. The Companya™s Non-Cumulative Perpetual Preferred Shares remain outstanding, unaffected by the merger.
About Scottish Re
Scottish Re Group Limited is a global life reinsurance specialist with operating businesses in Bermuda, Ireland, and the United States. Its operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited, and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its web site, [ www.scottishre.com ].
