Hoylake Told to Disclose Takeover Terms: Arizona’s...

Hoylake Told to Disclose Takeover Terms: Arizona’s director of insurance ordered Sir James Goldsmith’s investment group to spell out what it plans to offer shareholders of BAT Industries of London even if it intends to sell BAT’s Farmers Group insurance unit to Axa Midi Assurances of Paris. A scheduled hearing Dec. 4 on the proposed change of Farmers’ ownership was canceled pending a new filing by Hoylake, which must win approvals of insurance regulators in the seven states, including California, where units of Los Angeles-based Farmers have their headquarters. Hoylake said it will file the information this week.