The Phoenix Companies, Inc. Stockholders Approve Acquisition by Nassau
17 Dezembro 2015 - 7:31PM
Business Wire
At a special meeting today, stockholders of The Phoenix
Companies, Inc. (NYSE:PNX) (“Phoenix”) approved the adoption of the
Agreement and Plan of Merger (the “merger agreement”), dated as of
September 28, 2015, among Phoenix, Davero Merger Sub Corp. and
Nassau Reinsurance Group Holdings, L.P. (“Nassau”). Subject to the
terms and conditions of the merger agreement, Davero Merger Sub
Corp., a direct wholly-owned subsidiary of Nassau, will be merged
with and into Phoenix with Phoenix as the surviving company and a
direct wholly-owned subsidiary of Nassau.
The parties are actively working towards closing, and the
transaction remains on track to close in early 2016. In addition to
Phoenix stockholder approval, the completion of the merger is
subject to regulatory approvals and other closing conditions. Upon
the close, Phoenix stockholders will have the right to receive
$37.50 in cash, without interest, for each share of common stock,
par value $0.01 per share, that they own immediately prior to the
effective time of the merger.
About Phoenix
The Phoenix Companies, Inc. (NYSE:PNX) helps financial
professionals provide solutions, including income strategies and
insurance protection, to families and individuals planning for or
living in retirement. Founded as a life insurance company in 1851,
Phoenix offers products and services designed to meet financial
needs in the middle income and mass affluent markets. Its
distribution subsidiary, Saybrus Partners, Inc., offers
solutions-based sales support to financial professionals and
represents Phoenix’s products among key distributors, including
independent marketing organizations and brokerage general agencies.
Phoenix is headquartered in Hartford, Connecticut, and has two
insurance company operating subsidiaries: Phoenix Life Insurance
Company, which has its statutory home office in East Greenbush, New
York, and PHL Variable Insurance Company, which has its statutory
home office in Hartford, Connecticut. For more information, visit
www.phoenixwm.com.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995
which represent the current expectations and beliefs of management
of Phoenix concerning the proposed transaction involving Phoenix
and Nassau and other future events and their potential effects on
Phoenix. Such statements are based upon the current beliefs and
expectations of Phoenix’s management, are not guarantees of future
results and are subject to a significant number of risks and
uncertainties. These forward-looking statements are inherently
subject to significant business, economic and competitive
uncertainties and contingencies and risk relating to the
transaction, many of which are beyond Phoenix’s control.
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version on businesswire.com: http://www.businesswire.com/news/home/20151217006512/en/
The Phoenix Companies, Inc.Media RelationsAlice S.
Ericson, 860-403-5946alice.ericson@phoenixwm.comorInvestor
RelationsNaomi Baline Kleinman,
860-403-7100pnx.ir@phoenixwm.com
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