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Brit Insurance set to open sales negotiations with Apollo

US private equity firm makes £852m bid

28 July 2010

Brit Insurance is set to opens sales negotiations with US private equity firm Apollo Management.

Apollo has made a £10.75 a share offer for the UK insurer, which values the company at £852 million.

Brit, which sponsors the England cricket team, has opened its books to Amsterdam-based Apollo following the takeover bid.

"On behalf of shareholders, we think it is a good basis on which we can start to have discussions," Brit chief executive Dane Douetil told Reuters.

"If they [Apollo] do ever make an offer, at that time, we will consider the offer."

The British company rejected a £10.50 a share offer from Apollo earlier this month, with the firm holding out for an offer closer to its valuation of £11 a share.

Brit reported a pretax profit of £72.8 million for first half of 2010, compared with £64.9 million in the same period last year. 

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