ACE Limited and Capital Re Announce Amount of Cash Payment In Connection with Capital Re Acquisition.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 28, 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. ) and 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 ) announced today that the "average closing price" used in determining the cash payable to Capital Re stockholders in connection with ACE's acquisition of Capital Re is $16.2375 per ACE ordinary share. As a result, Capital Re stockholders will receive for each Capital Re share 0.65 of an ACE ordinary share and $3.4456 in cash. ACE will issue approximately 20.8 million ordinary shares, and pay approximately $110.3 million, in the transaction. As per the agreement, "the average closing price" was calculated based upon the average closing prices of ACE's ordinary shares for the five NYSE trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. from December 20, 1999 through December 27, 1999, as reported in The Wall Street Journal (Eastern Edition). The special meeting of Capital Re stockholders to vote on the transaction is scheduled for Thursday, December 30, 1999, and the calculation of the aggregate cash payment anticipates that the acquisition will close on that day. Capital Re is a specialty 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. group providing innovative solutions to problems of financial risk and risk management. Capital Re's two principal divisions, financial guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. and financial risks, are engaged in the business of municipal and non-municipal financial guaranty reinsurance, mortgage guaranty reinsurance, title reinsurance, trade credit reinsurance, life, accident & health, annuity reinsurance and structured financial products. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients. The ACE Group conducts its business on a global basis with operating subsidiaries in nearly 50 countries. Additional information can be found at: www.acelimited.com. |
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