Scottish Re Group Ltd. has sent a reminder notice asking shareholders to vote to approve a financing deal.
Scottish Re, Hamilton, Bermuda, is a struggling life reinsurer.
MassMutual Capital Partners L.L.C., an affiliate of Massachusetts Mutual Life Insurance Company, Springfield, Mass., and a group of affiliates of Cerberus Capital Management L.P., New York, a private investment firm, each have agreed to invest $300 million in Scottish Re in exchange for a controlling stake in the company.
Scottish Re shareholders are scheduled to vote on the deal Feb. 23 at a meeting in Hamilton.
In the new reminder notice, Scottish Re President Paul Goldean urges investors to mail in their proxies and support the financing deal.
If the deal fell through, “we believe that it is unlikely that we would be able to obtain a superior offer,” Goldean writes in the notice.