ALEA SHAREHOLDERS REJECT FIN ACQUISITION OFFER, BUT DEAL WILL PROCEED

A significant minority of shareholders in Bermuda-based Alea Group Holdings have voted against the revised 96.5p a share bid from FIN Acquisition — a vehicle of US private equity firm Fortress Investment Group. About 28% of shareholders voted against an amalgamation agreement, for which 75% approval was required if it was to go ahead. Alea noted FIN Acquisition’s statement of May 21 that, if the special resolution for an amalgamation was not passed, FIN Acquisition “intended to implement the acquisition of Alea by way of an offer to acquire the entire issued and to be issued share capital of Alea”. FIN Acquisition says that it had irrevocable undertakings to accept the offer in respect of 61% of the Alea shares in issue. Alea’s shares continue to trade at just above 100p, some 3% above the revised FIN offer level. Last month, just before FIN Acquisition came back with a new offer, Alea said that it had received a preliminary unsolicited approach from a third party.