MetLife AIG ANB says creditors can object merger deal with Walaa until Feb. 27

MetLife AIG ANB Cooperative Insurance Co. said creditors objecting the merger with Walaa Cooperative Insurance Co. can send their objection letters as of today Jan. 28 throughout Feb. 27, according to a bourse statement.

In case of no-objection, the merger deal will be effective following this period, the statement added.

Shareholders of MetLife AIG ANB approved today the proposed merger offer submitted by Walaa. 

Under the merger deal, 11.84 million new shares in Walaa will be issued in return for 100% of MetLife AIG ANB shares, and thus the latter will be liquidated.

In December 2019, both insurers received a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) on their potential merger.