British life insurer Prudential said today it had agreed to an offer for the 22 per cent stake in Egg it does not own, valuing the online bank around £973 million (€1.4 billion).
Prudential said it would give Egg shareholders 0.2237 new Prudential shares for each Egg share, valuing each share in the Internet bank at 118 pence, a premium of 15 per cent to Egg's closing price on Wednesday.
Egg's independent committee said it thought the offer "fair and reasonable" and intended to recommend that investors accept it.
