Alea Group, a Bermuda-based insurer that has been in runoff since late 2005, said Fortress Investment Group plans to go ahead with plans to buy the company, in spite of a shareholder vote not to proceed with a prior form of offer.

On April 4, the board of FIN Acquisition Corporation, a company formed at the direction of private equity funds advised by Fortress Investment Group, had announced its intention to pursue a cash acquisition of Alea Group Holdings (Bermuda) Ltd. that was to be implemented by means of a “statutory amalgamation”–a form of merger allowed under sections 104 to 109 of the Bermuda Companies Act.

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