Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. Aviva plc
  6. News
  7. Summary
    AV.   GB0002162385

AVIVA PLC

(AV.)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Aviva: Recommended all-share acquisition of Friends Life Group Limited by Aviva plc

09/29/2020 | 09:45am EDT

Aviva plc and Friends Life Group Limited are pleased to announce that they have reached agreement on the terms of a recommended all share acquisition of Friends Life Group Limited by Aviva plc.

Shareholders will have an opportunity to vote on the proposed acquisition at a general meeting. We will write to shareholders with details of the general meeting and how to vote in due course.

All documentation relating to this will be published on this website.

Offer announcement

Recommended All-Share Acquisition of Friends Life Group Ltd by Aviva plc PDF (0.7MB)

SEC filing - Recommended All-Share Acquisition of Friends Life Group Ltd by Aviva plc

Friends Life Acquisition Analyst Presentation PDF (0.7MB)

FAQ for Aviva shareholders

What is an all share offer?

  • In an all-share offer, Aviva plc would issue Aviva plc ordinary 25p shares to Friends Life Group Limited shareholders (typically at a set ratio including a premium) rather than paying cash to Friends Life Group Limited shareholders.
  • As a result, both Aviva plc and Friends Life Group Limited shareholders would have a position in the enlarged group.
  • There would be no debt raise required to finance the transaction

What does this mean for my shareholding in Aviva plc?

  • If the proposed combination were to proceed, we would currently expect:
  • that the combined group would have higher cash flows enhanced by substantial synergies, principally through operating efficiencies in the combined back books and the removal of overlapping overheads
  • accelerated transformation of Aviva's balance sheet, including reducing leverage and strengthening capital and liquidity. This is expected to increase the enlarged group's financial and strategic flexibility and support further growth of Aviva's dividends.

Will my shareholding in Aviva plc be diluted?

  • Yes. If the proposed combination were to proceed, Aviva plc shareholders will own approximately 74% of the enlarged company, Friends Life Group Limited shareholders will own approximately 26% of the enlarged company.

Will I get the chance to vote on this deal?

  • Yes, the combination constitutes a Class 1 transaction for Aviva plc.
  • Aviva plc therefore requires approval from its shareholders at a general meeting which will be scheduled in due course (probably in March 2015). It is intended that the Scheme document, prospectus and circular (including notice of the general meeting) will be published in the second half of January 2015.
  • If the proposed acquisition is successful then the transaction is expected to complete during the second quarter of 2015.

When will the general meeting to approve the transaction be?

  • We will contact you in due course but a general meeting is likely to be scheduled for March 2015.

Offer related documents

Opening Position Disclosure - Offer in Aviva plc PDF (0.2MB)

Opening Position Disclosure - Offer in Friends Life Group Limited PDF (0.2 MB)

Aviva/Friends Life Co-operation Agreement PDF (1.0MB)

Aviva/Friends Life Non-Disclosure Agreement PDF (4.5MB)

Deloitte Rule 23.3 Consent Letter PDF (0.02MB)

JPMorgan Cazenove Rule 23.3 Consent Letter PDF (0.02MB)

Morgan Stanley Rule 23.3 Consent Letter PDF (0.03MB)

Robey Warshaw Rule 23.3 Consent Letter PDF (0.2MB)

Deloitte QFBS Public Opinion PDF (0.03MB)

Financial Advisor's QFBS Public Opinion PDF (0.03MB)

Deeds of Irrevocable Undertaking from Aviva plc directors

John McFarlane PDF (1.2MB)

Mark Wilson PDF (1.4MB)

Sir Adrian Montague PDF (1.3MB)

Glyn Barker PDF (1.2MB)

Patricia Cross PDF (1.3MB)

Michael Hawker PDF (1.2MB)

Gay Huey Evans PDF (1.5 MB)

Michael Mire PDF (1.2MB)

Bob Stein PDF (1.3MB)

Scott Wheway PDF (1.3MB)

Deeds of Irrevocable Undertaking from Friends Life Group Limited directors

Sir Malcolm Williamson PDF (0.6MB)

Andy Briggs PDF (0.7MB)

Tim Tookey PDF (0.6MB)

Mel Carvill PDF (0.2MB)

Nicholas Lyons PDF (0.2MB)

Robin Phipps PDF (0.2MB)

Tim Wade PDF (0.6MB)

Disclaimer

Aviva plc published this content on 04 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2020 13:44:07 UTC


© Publicnow 2020
All news about AVIVA PLC
06/21AVIVA  : 1 in 3 Canadians are considering relocating post pandemic
PU
06/21Aviva Plans to Shrink in Order to Grow in Investment Management -- Financial ..
DJ
06/18AVIVA  : WWF Urge UK To Seek Joint Climate Strategy In Financial Sector
MT
06/18AVIVA  : and WWF
PU
06/18AVIVA  : Driving ambition in a crucial year for our climate
PU
06/18AVIVA  : joins forces with WWF
PU
06/17RISING INFLATION : The urgent need to wake up 27 million sleepy savers
PU
06/17AVIVA  : Stuart Wright wins Living Wage lifetime achievement award
PU
06/15Singapore central bank rebukes insurers AIA, Aviva and Prudential
RE
06/15PRUDENTIAL  : Singaporean Financial Regulator Reprimands Aviva, Prudential, AIA ..
MT
More news
Financials
Sales 2021 48 591 M 67 545 M 67 545 M
Net income 2021 2 115 M 2 939 M 2 939 M
Net Debt 2021 5 426 M 7 543 M 7 543 M
P/E ratio 2021 7,71x
Yield 2021 5,48%
Capitalization 16 343 M 22 745 M 22 718 M
EV / Sales 2021 0,45x
Capi. / Sales 2022 0,32x
Nbr of Employees 28 596
Free-Float 97,1%
Chart AVIVA PLC
Duration : Period :
Aviva plc Technical Analysis Chart | AV. | GB0002162385 | MarketScreener
Technical analysis trends AVIVA PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 451,10 GBX
Last Close Price 416,10 GBX
Spread / Highest target 22,6%
Spread / Average Target 8,41%
Spread / Lowest Target -15,9%
EPS Revisions
Managers and Directors
NameTitle
Amanda Blanc Chief Executive Officer & Executive Director
Jason Michael Windsor Chief Financial Officer & Director
Mark George Culmer Non-Executive Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operating Officer
Michael Mire Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AVIVA PLC27.95%22 745
AXA11.85%62 051
PRUDENTIAL PLC8.13%52 751
METLIFE, INC.27.11%52 245
PRUDENTIAL FINANCIAL, INC.29.08%39 703
MANULIFE FINANCIAL CORPORATION6.31%37 822