IAG Rejects QBE Proposal

On 15 April 2008, Insurance Australia Group Limited (IAG) confirmed that it had been approached by QBE with an unsolicited and incomplete proposal to take over the company by way of a system of arrangement. 

The IAG Board carefully considered the proposal and concluded that the broad terms, in particular the price, was insufficient. As a result, the Board discarded the proposal as it was clear it was not one which was in the best welfare of shareholders, and therefore not one it could recommend.