XL shareholders unlikely to get vote on dilutive Catlin bid

XL's shareholders would not be entitled to a shareholder
vote on its proposed £2.5bn pounds takeover of London-listed
carrier Catlin despite the significant dilution that would come
with the deal.
New York Stock Exchange rules mandate a shareholder vote if the
acquiring company issues more than 20 percent of the number of
outstanding shares to fund the deal.
XL's non-binding offer of 699p per share - based on XL's
closing price of $35.01 last night (16 December) - consists of...