NU Online News Service, July 8, 2004, 10:22 a.m. EDT
AXA Financial Inc. has succeeded at acquiring The MONY Group Inc., New York.[@@]
After spending months battling complaints from some institutional investors about the $1.5 billion deal price, AXA Financial, New York, has completed all of the steps necessary to close on the transaction.
AXA Financial, a unit of AXA S.A., Paris, reports that it has received all required regulatory approvals and completed the process of de-listing MONY’s stock from the New York Stock Exchange. MONY’s stock stopped trading before the market opened today.
MONY, which helped introduce the mutual life insurance company system to the United States when it was founded in 1843, also has filed for permission to de-register its common stock and senior notes, AXA Financial says.
Under the final deal terms, which MONY shareholders approved May 18, MONY shareholders are getting $31 in cash per common share from AXA Financial and 34.755 cents in cash dividends per common share from MONY.
AXA Financial believes the deal “will enable us to greatly expand our presence and influence in the U.S. market for financial advice,” says AXA Financial Christopher Condron.