Axa Midi Requests Continuance: The company that...
From Times Staff and Wire Reports
Axa Midi Requests Continuance: The company that is attempting to buy Farmers Insurance Group of Los Angeles asked to delay regulatory hearings on its purchase of Farmers for about 60 days so that it can restructure its bid. The request follows rejection of Axa Midi Assurances’ takeover offer by the California Department of Insurance, which maintained that the bid was too highly leveraged. Axa Midi must obtain approvals from insurance regulators in nine states to complete the deal. Axa plans to buy Farmers from a group led by Sir James Goldsmith.
