UK-based insurer Prudential said it will delist shares in online bank Egg next month after sufficient minority shareholders accepted the insurer's 124.4 pence per share offer.
The second-largest UK insurer said that 80% of minority shareholders, who own 21% of Egg, agreed to the offer, valuing the bank at about GBP1 billion. Prudential intends to take Egg off the market on February 20 in order to make cost savings from a closer relationship with its life insurance operations.
Prudential founded Egg as a telephone and internet bank in the mid-1990s, and floated it on the stock market at 160 pence a share in 2000. Prudential has since unsuccessfully tried to sell its majority share in the business.