<p>According to reports, Suncorp is to offer Promina shareholders, who are still to formally agree to the proposal, 0.2618 Suncorp shares plus $1.80 in cash for each Promina share. The deal equates to a valuation of each Promina share of A$7.65.<br /><br />The transaction will provide enormous benefits, particularly for customers of both companies who will have access to an even greater range of products and services specific to their individual needs, delivered through a range of brands that are well known and respected in their individual markets, Suncorp chairman John Story commented, according to The Australian news outlet.<br /><br />Promina's board has given its blessing to the proposed merger deal, but the combination of the two businesses will ultimately depend on receiving approval from the insurer's shareholders when they meet in February next year.</p>
