Brit Insurance rejects Apollo £824m bid
UK firm claims it may accept an improved offer
Brit Insurance has rejected a £824 million bid from Apollo
Management but claimed further negotiations are possible.
Brit, a Lloyd's of London insurer, confirmed they rebuffed an
improved £10.50 per share offer from the US buyout firm.
However, the UK company confirmed they would still be willing to
engage in takeover negotiations if a suitable offer was made.
A statement from the firm read: "An offer at this level
undervalues the company and, accordingly, would not represent a
basis on which the board is prepared to engage with Apollo."
Last month, Apollo made an initial £770 million cash offer for
Brit but the approach was swiftly declined.
Before the proposed deal was made, shares in Brit had fallen
sharply after the insurer was hit by claims from victims of the
It is believed that the British business is unlikely to accept
an offer below £11 per share.