Kiln Confirms Takeover Discussions

by Stewart Douglas

Story link: Kiln Confirms Takeover Discussions

Lloyd’s insurer Kiln has today announced that it is currently in the midst of discussions with an undisclosed potential suitor, working through negotiations of a potential takeover bid which could see a change of ownership and a transfer of the Kiln assets and business.

According to reports issued to the Stock Exchange today, the board of directors of Kiln responded to previous fluctutations in its share price by confirming that it was involved in discussions with a potential buyer, although it has as of yet still to announce the identity of the company looking to acquire the business.

The move is designed to inform the market of the current situation, in order to allow informed trading in Kiln securities in order to comply with current market legislation and to ensure perpetual investor confidence in secondary Kiln securities trade.

Additionally the board of directors also announced that it is looking to continue discussions with the potential suitors with a view to establishing whether or not a takeover deal will be possible, before being presented to the shareholders for their approval.

Whilst the likelihood of a deal may be some way off, the statement today reflects the ongoing intention of the board to continue to pursue the matter to establish whether there may be a future takeover approach prior to making any further public disclosure as to the terms discussed and indeed the identity of the potential suitor.

The report released to the stock exchange today read: “The Board confirms that Kiln is in discussions regarding a possible offer for the Group.”

“The Board intends to progress these discussions in order to establish as soon as is practicable whether an offer for the Group may be made on terms which the Board could recommend to shareholders. Shareholders should note that these discussions are ongoing, and there can be no assurance that any offer will be forthcoming for the Group”.