NU Online News Service, Nov. 4, 2003, 2:03 p.m. EST – The MONY Group Inc., New York, scraped up a profit for the third quarter, but MONY Chairman Michael Roth says the results show why the company should be acquired by AXA S.A., Paris.
AXA announced plans to acquire MONY for $1.5 billion in cash in September. Some shareholders, including some of the company’s biggest institutional shareholders, have complained that the price is too low.
But “competitive pressures and issues of scale continue to challenge our ability to generate appropriate levels of earnings,” Roth says in a statement.
The AXA deal is the best opportunity for shareholders, Roth says.