Date set for Sompo takeover vote

Endurance shareholders will vote on the 27 January on the company’s $6.3bn takeover of Sompo which was the largest P&C M&A deal of last year. Shareholders registered before the 28 December will be eligible for a vote in a deal that could see Sompo bought for $93 a share. The takeover requires the approval of a majority of votes cast at a meeting where at least half the owners of Endurance's share capital, spread between four shareholders, must be represented. Preferred and ordinary shares will count as one class. There is a date for walking away set at the 5 July which can be extended to 5 October to allow for approvals from the regulator. It has taken nearly a year to get to this position with Endurance CEO, John Charman and Sompo’s M&A Chief, Nigel Frudd, meeting regularly thought 2016 to discuss the possible transaction.