Sponsored by
Apollo raises bid price as it targets Brit
APOLLO Management has raised its takeover bid for Brit Insurance to 1,075p per share, valuing the Lloyds of London insurer at £852 million.
Dane Douetil, chief executive of Brit, said yesterday's revised approach was a step forward in the proceedings after the firm rebuffed a proposal of 1,050p per share earlier this month.
"On behalf of shareholders, we think it is a good basis on which we can start to have discussions," Douetil said.
Brit, which sponsors the England cricket team, said it had opened its books to the US buy-out firm, after yesterday unveiling an interim pre-tax profit which smashed market expectations.
Analysts said the sweetened approach from Apollo, although not formally recommended by Brit, indicates a deal is likely to go ahead.
Christian Stobbs at KBC Peel Hunt said: "The strong H1 results should provide reassurance to Apollo and we believe the probability of a formal bid now coming has increased."
Email to a friend
Print this page- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- The Rumour Mill: Wednesday’s football news and gossip
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Thursday 24 May 2012
Today
Sunny spells
Temperature: 10 C to 23 C
Wind Speed: 12 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 9 C to 21 C
Wind Speed: 14 mph
Wind direction: North east
