TRADING UPDATES: Beazley and Schroders takeovers take effect
The following is a round-up of updates by FTSE 100-listed companies, issued on Thursday and not separately reported by Alliance News:
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Schroders PLC - London-based financial services provider - Scheme of arrangement for its acquisition by Nuveen LLC becomes effective, meaning that its entire issued and to be issued share capital is now owned by Nuveen subsidiary Pantheon LLC, following the delivery of Tuesday's court order sanctioning the scheme to the registrar of companies. Schroders shares are scheduled for cancellation on the London Stock Exchange with effect from the market open on Friday. Shareholders are set to receive 590 pence per share in cash, plus up to 22p in permitted dividends, valuing the company at £9.9 billion.
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Beazley PLC - London-based insurer - Scheme of arrangement for its acquisition by Zurich Insurance Group AG becomes effective, after the deal received court sanction on Tuesday last week and a copy of the court order was delivered to the registrar of companies. The delisting of Beazley's shares in London is expected by the market open on Friday. Beazley accepted the £8.2 billion approach from Zurich in early March. It values each share at 1,335p each, including a 25p per share dividend.
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Smith & Nephew PLC - Hertfordshire, England-based medical technology company - Announces the price for its previously announced redemption, scheduled for Monday, of the entire outstanding principal amount of its USD350.0 million in 5.15% debt notes due 2027. Will redeem the securities at a redemption price equal to 100.245%, or USD1,002.45 per USD1,000 principal amount. Notes accrued and unpaid interest of USD2.15 per USD1,000 principal amount. Says that accordingly, holders will be paid USD1,004.60 per USD1,000. At the time of announcing the planned redemption, Smith & Nephew's other measures to manage its debt included a tender offer for up to USD250 million of its 2.032% senior debt notes due in 2030, which was priced at USD878.90 for each USD1,000, and which the firm financed using proceeds from the USD700.0 million in 2036 debt notes it had priced the week before.
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