The Swiss insurers £5bn tender for RSA was announced in July. Now there are just two days left to find a deal – and RSA’s Stephen Hester isn’t minded to sell cheapTuesday is the mammoth day for RSA and Zurich. A leak in July forced the Swiss insurer to announce it was considering a £5bn-plus tender for RSA,led by Stephen Hester, the former boss of Royal Bank of Scotland; under takeover rules, or Zurich was given until 5pm on Tuesday to effect an offer or walk away.
Hester has shown puny enthusiasm for selling RSA,despite a potential payday of more than £3m for him if there is a takeover. Advisers for the two companies have been trying to hammer out terms, but there is said to be a mammoth gap on price.
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Source: theguardian.com