Catlin confirms £2.5bn offer from XL

Catlin today (17 December) confirmed that it has received an
approach from XL Group regarding a possible combination of the
companies.
XL's £2.5bn approach for the Lloyd's heavyweight
would see Catlin investors receive 410p in cash per share as well
as 0.13 XL shares for each common Catlin share.
The offer values each Catlin share at 699 pence, indicating a
total consideration of about £2.53bn, based on XL's $35.01
closing share price yesterday. This represents a valuation