Recommendation to reject "mini-tender" offers by Litani LLC
We want to make you aware that a company called Litani LLC (“Litani”) may write, or may already have written, to you offering to buy some or all of your Aviva shares.
Litani has told Aviva that it proposes to buy shares at 530p per share. This represents a material discount to the market price of Aviva's shares which means that you could receive significantly less than the value of your shares.
Aviva has taken legal steps to try to prevent Litani from contacting shareholders, as we believe this offer is not in your best interests. Litani is not connected with Aviva, and we do not recommend accepting any such offer.
Offers like this, sometimes called “mini-tender offers”, typically involve buying shares at a lower price and then selling them on at the full market price, allowing the buyer to make a profit at shareholders’ expense.
What should you do if you are contacted?
You are under no obligation to respond or to sell your shares, and you can safely ignore any such approach.
If you do choose to consider the offer, we strongly recommend that you:
Carefully read all of the documents provided so you understand what is being offered
Speak to an independent financial adviser or broker, if you have one, before taking any action.
What should you do if you want to sell your shares?
You do not need to accept the Litani offer in order to sell your shares.
If you are considering selling your shares, you may wish to seek independent financial advice or speak to an appropriately authorised broker or financial intermediary about the options available to you.
Computershare, our Registrar, can assist with administrative queries about your holding, including information that may be needed if you choose to transfer shares to a broker, but are unable to sell your shares. Aviva and Computershare cannot provide financial advice or recommend a broker.
For further information about selling your shares go to Share dealing.
What should you do if you have accepted the offer but now wish to withdraw?
According to Litani's offer documentation, you may be able to withdraw your acceptance if Litani receives a signed written notice of withdrawal within 14 days of the date on which Litani received your acceptance form.
The offer documentation states that you must send a signed written notice to:
Great Western House
65 Alfred Road
London
W2 5EU
United Kingdom
The offer documentation also states that withdrawal requests sent by other methods, such as email or telephone, or received after the 14-day period, will not be accepted by Litani.
Please refer to Litani's offer documentation for full details of the withdrawal process and any conditions that may apply.