Financial group Delta Lloyd announced the takeover offer by NN Group would be all cash at €5.40 per share, representing a total consideration of €2.5 billion for the business.
Supported and recommended by the Delta Lloyd Boards, the offer is subject to a minimum acceptance level of 95% of Delta Lloyd shares or, 67% if a Legal Merger is approved by Delta Lloyd shareholders at an extraordinary general meeting to be held 29 March 2017.
The offer period runs from 3 February to 7 April 2017, but may be extended.
Lard Friese, CEO of NN Group, said "With the launch of the offer today, we are one step closer to bringing together two leading insurance, banking and asset management companies and strengthen our positions in the Netherlands and Belgium. We are pleased with the support and recommendation of the Delta Lloyd Boards and are convinced that the offer is in the interests of both companies' stakeholders."
The offer is expected to be completed in the second quarter of 2017.