Reported 7 months ago
Mubadala Investment Co. is advocating for the sale of insurance technology startup Wefox to UK insurance broker Ardonagh Group Ltd., even though this proposal is opposed by the founders of the German firm. The deal, which would value Wefox at €550 million, is being contested by the founders who are proposing a new funding round instead of a sale to safeguard their investments. Chrysalis and Target are supporting the founders' alternative deal. The proposals are set to be discussed at an extraordinary shareholders meeting scheduled for June 28.
Source: YAHOO