After the Eagle

Jan. 20 (LBO) – Sri Lanka’s John Keells Holdings and Carson Cumberbatch & Co. Ltd have made a joint offer to buy the controlling stake in Eagle Insurance from National Development Bank, a statement said Friday. Jan. 20 (LBO) – Sri Lanka’s John Keells Holdings and Carson Cumberbatch & Co. Ltd have made a joint offer to buy the controlling stake in Eagle Insurance from National Development Bank, a statement said Friday. National Development Bank or NDB, currently owns 87.27 percent in Eagle through NDB Finance Lanka (Pvt) Ltd.

Both parties have made an offer price of Rs. 130 each for the 15.3 million parcel.

“Subsequent to the purchase of the shares from NDB Finance, JKH and Carsons will make a mandatory offer to all the shareholders of Eagle as required by the Takeovers and Mergers Code,” the statement said.

If accepted, the new owners plan to merge Eagle with Union Assurance Ltd (UAL) at fair values based on independent valuations.

Presently, JKH and Carsons together control 72.0 percent shareholding in UAL.

If NDB Finance opts to sell only the minimum amount of 15.3 million shares, they would continue to own around 36 percent of Eagle.

NDB Finance will also share the future benef