FIN Acquisition Ltd., the investment vehicle formed by the Fortress Investment Group to acquire the Bermuda- based Alea Group, has raised its offer for Alea.
The decision came following what Alea described as “a very preliminary unsolicited approach that might lead to a higher offer for the Company” than the amount FIN has offered.
FIN raised its offer from 93 pence a share ($1.82) to 96.5 pence ($1.89). Alea said that “recommendation of the Independent Directors of the Company, made in the document dated 24 April 2007, relating to the recommended acquisition by FIN Acquisition Limited continues in effect.” It also cautioned that no official offer from the unidentified potential buyer has been made, and might never be made.
Alea has sold off most of its operations, and has been in run-off since early 2006, following the losses it suffered from the 2005 hurricanes
Topics Mergers & Acquisitions
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