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Old Mutual extends Skandia bid deadline

Old Mutual has extended the final closing date for its 3.3bn hostile takeover bid for Skandia from 21 November 2005 to 16 December 2005.

The insurer says it has received strong support among its shareholders for the offer, with 90 per cent of the proxy votes received prior to todays extraordinary general meeting in favour of the plan.

The company requires just a 50 per cent yes vote to go ahead with the plan. The results of the meeting will be announced later today.

All the terms and conditions of offer set out last month remain unchanged and all applications for regulatory approval of the proposed acquisition have been submitted.

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