With the new product, launched in association with Lloyd’s broker Prentis, Donegan & Partners, insured companies can be reimbursed for the direct costs of:
- Investment bankers
- Public Relations/Advertising
- Proxy Solicitation
- Financial Institutions
- Corporate Management
- Printing and Mail
“Today’s business environment is increasingly competitive,” Max Taylor, Chairman of Lloyd’s of London, said in a statement. “The appetite for mergers and acquisitions seems endless as businesses try to get to grips with globalization and the need for maximum efficiency.” Still, he noted that “one in eight mergers fail and targeted companies are left to count the costs.”
“According to Securities Data Corp. more than 3,000 U.S. publicly traded companies have chosen to protect shareholders from unsolicited hostile takeover bids,” said Adrian White, of Lloyd’s broking firm Prentis Donegan & Partners.
The new product is an addition to the existing Aborted Bid Costs program, which reimburses companies for direct costs associated with Merger & Acquisition (M&A) transactions terminated for reasons outside the control of the insured company.
– Nevin Adams firstname.lastname@example.org