Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 17th of November 2018
January 31, 2011

Achilles’ offer for Brit: deadline extended

by Gill Montia

Story link: Achilles’ offer for Brit: deadline extended

The deadline for Achilles’ offer for Brit Insurance has been extended to 5th February.

The recently incorporated Achilles has been formed by private equity firms Apollo Management and CVC Capital Partners, and its offer gives Brit shareholders who accept up to £11 in cash per share, while non-accepting shareholders will receive £10.45 per share in cash, plus a contingent value payment of up to £0.25 per Brit share.

Brit’s board recommended the offer to shareholders in October and as at 29th January had received valid acceptances of the takeover in respect of only 72.32% of shares held.

 

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