The head of equity at a top fund house that has large exposure to Max Financial Services stocks said, “As of now, they have not disclosed to us why they have terminated the deal. Mitsui Sumitomo Insurance (MSI) has pulled out of share issue talks with Max Financial Services (MFS) and its subsidiary Max Life Insurance (MLIC), after the three failed to finalise definitive documents. The deal would have given MSI a 21.45% stake in MFS, in exchange for a 19.98% share of MLIC, which MFS would buy from MSI. In an email sent on Friday evening, MSI said it had decided not to proceed with the deal.
Mitsui Sumitomo Insurance (MSI) has pulled out of share issue talks with Max Financial Services (MFS) and its subsidiary Max Life Insurance (MLIC), after the three failed to finalise definitive documents. The deal would have given MSI a 21.45% stake in MFS, in exchange for a 19.98% share of MLIC, which MFS would buy from MSI. In an email sent on Friday evening, MSI said it had decided not to proceed with the deal.