Axis shares drop on Novae deal

Axis shares have fallen just under 3 percent in morning trading
in New York as investors react to the carrier's acquisition of
London-listed Novae, announced late yesterday evening.
The stock was trading down 2.97 percent at $63.77 as of 11:25am
local time, as markets digested the 700 pence per share offer.
The deal represents a 1.38x multiple to trailing undiluted net
tangible asset value per share of 507.9p, but Axis said the fully
diluted multiple on a trailing basis was...