Slaughter and May is advising Novae Group plc on a recommended cash offer for Novae’s entire issued and to be issued share capital by Axis Capital

Slaughter and May is advising Novae Group plc on a recommended cash offer for Novae’s entire issued and to be issued share capital by Axis Capital. The offer was announced on 5 July 2017.

Under the offer, each Novae shareholder will be entitled to receive 700 pence in cash for each Novae share. The offer values Novae’s issued and to be issued share capital at approximately £467.6 million. The transaction is to be effected by court-sanctioned scheme of arrangement and is expected to complete in Q4 2017.

Novae is a diversified property and casualty (re)insurance business operating through Syndicate 2007 at Lloyd’s. AXIS is a Bermuda-based provider of specialty lines insurance and reinsurance and is listed on the NYSE.

Slaughter and May is working closely with Novae's general counsel, Alex Moon.