Nothing but negotiation

The Gap Partnership

Brit Insurance rejects Apollo £824m bid

UK firm claims it may accept an improved offer

02 July 2010

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 Chilean earthquake.

It is believed that the British business is unlikely to accept an offer below £11 per share.

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