ACE Limited Reiterates Its Interest In Capital Re Corporation.HAMILTON, Bermuda--(BUSINESS WIRE)--Oct. 6, 1999-- ACE Limited (NYSE NYSE See: New York Stock Exchange : ACL See access control list. 1. ACL - Access Control List. 2. ACL - Association for Computational Linguistics. 3. ACL - A Coroutine Language. A Pascal-based implementation of coroutines. ["Coroutines", C.D. ) announced today that it has been informed by Capital Re Corporation (NYSE: KRE KRE Kauffman Racing Equipment KRE Kuwait Real Estate (bank) KRE Keffalas Real Estate, Inc KRE Key Results Expected KRE Karl Real Estate KRE Kernel Rules Enforcement KRE Korea Research Environment ) that the Board of Directors of Capital Re has received an unsolicited cash offer for all of its outstanding shares. As a result, the Board of Directors of Capital Re has decided to postpone their shareholder meeting previously scheduled for October 7, 1999, which had been called to vote on the proposed tax-free merger with ACE. ACE has reiterated its interest in combining with Capital Re and is awaiting further information from the Board of Directors of Capital Re. Brian Duperreault, chairman, president and chief executive officer of ACE stated: "We are disappointed by this eleventh hour development and continue to believe that the combination of ACE and Capital Re is in the best interest of the stockholders of both companies. We are reserving all of our rights and remedies under our existing agreement and otherwise." The ACE Group of Companies provides insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. for a diverse group of clients. The company conducts its business on a global basis with operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. in nearly 50 countries. Additional information can be found at: www.acelimited.com. |
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