Walaa Cooperative Insurance Co. has signed a binding merger agreement with MetLife AIG ANB Cooperative Insurance Co. to acquire all stakes held by the latter’s shareholders through share swap and without paying any cash payment to the shareholders of MetLife AIG ANB.
Walaa will increase its capital through issuing new ordinary shares to all shareholders in MetLife AIG ANB, the insurer said in a bourse statement on Sunday.
Having fulfilled the required conditions, Walaa confirmed its intent to proceed with the merger, adding that it does not own any stake in MetLife AIG ANB, or any option to buy such shares.
Walaa has not received any irrevocable undertakings from any party to vote for the merger at the relevant extraordinary general assembly and no party is acting jointly with the insurer on the deal.
No indemnity agreements are found for the shares of Walaa, MetLife AIG ANB or any person acting jointly with MetLife AIG ANB for Metlife’s shares, the insurer added.
Aljazira Capital, appointed by Walaa as financial advisor for the merger, is not committed to confirm that Walaa has sufficient resources to complete the proposed merger, as no cash consideration will be paid.
On June 18, Walaa inked a non-binding memorandum of understanding (MoU) with MetLife AIG ANB to evaluate a potential merger between both companies, Argaam reported.
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