Aon Affinity to Acquire Access Plans for $70.1M
Aon Affinity, the consumer, association and group program business of Aon Risk Solutions, the global risk management business of Aon Corporation (NYSE: AON), announced today it has entered into a definitive merger agreement to acquire Access Plans.
The boards of directors of both companies have approved the agreement under which Access Plans will merge with an Aon Affinity subsidiary. The holders of a majority of the outstanding shares of common stock of Access Plans executed written consents approving and adopting the merger agreement and the merger shortly after the execution of the definitive merger agreement by the parties. No additional shareholder action is required.
Under the terms of the agreement, Aon Affinity will acquire all of the outstanding shares of and options to acquire Access Plans common stock for an aggregate consideration of approximately $70.1 million in cash, subject to downward adjustment to the extent that the amount of cash held by Access Plans at closing, net of indebtedness, transaction costs and certain other expenses, is less than $15 million. Assuming a net cash amount of $15 million, the per share cash consideration is estimated to be $3.30; however, the actual per share merger consideration will be determined by the formula set forth in the merger agreement.
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