 |
 |
Brit moves closer to GBP850m takeover
July 30, 2010
Brit Insurance has moved a step closer to a takeover by Apollo Management after agreeing to open its books to the US private equity group.
The Lloyd's of London insurer, which sponsors the England Cricket team, said Apollo has raised its offer to GBP10.75 a share, valuing Brit at GBP851m.
Dane Douetil, the insurer's chief executive, said an agreement could now be reached "within weeks, not months" but cautioned that there was no certainty of an agreement.
The news sent Brit's shares climbing over 10pc to GBP10.05 and came after Brit had previously rejected bids of GBP10.50 and GBP10.00.
Original Posting At: Telegraph
Additional Posting At: ThisisMoney
The Lloyd's of London insurer, which sponsors the England Cricket team, said Apollo has raised its offer to GBP10.75 a share, valuing Brit at GBP851m.
Dane Douetil, the insurer's chief executive, said an agreement could now be reached "within weeks, not months" but cautioned that there was no certainty of an agreement.
The news sent Brit's shares climbing over 10pc to GBP10.05 and came after Brit had previously rejected bids of GBP10.50 and GBP10.00.
Original Posting At: Telegraph
Additional Posting At: ThisisMoney
|
