On 5 August 2011 Middlesea Insurance plc stated that it was informed by Mapfre Internacional S.A. that it will proceed to issue a Mandatory Bid to the shareholders of Middlesea following the acquisition of a controlling interest in the company, in terms of Chapter 11 of the Listing Rules.
On 29 July 2011 Mapfre purchased 18.3 million Middlesea Insurance plc shares from Munich Re at a price of €0.63 per share via a special trade affected on the Malta Stock Exchange. Following this transaction, Mapfre Internacional S.A. became the majority shareholder in Middlesea with a shareholding of 50.98%.
Those shareholders of Middlesea Insurance plc who were on the Company’s books as at close of business on Friday 29 July 2011 will receive a copy of the relevant Offer Document together with an Acceptance Form. However no details have yet emerged on the price established for the mandatory bid and the acceptance period during which Middlesea shareholders may accept the offer.