Private equity house submits revised bid for Brit
The board of Brit Insurance Holdings has confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to be issued ordinary share capital of the company at a price of £10.75 per share in cash.
The indicative proposal is subject to a number of pre-conditions, which may be waived by Apollo, including satisfactory completion of confirmatory due diligence.
In a statement, Brit said: "Apollo’s indicative offer price of £10.75 per ordinary share includes the 30p capital distribution announced today and assumes that the fully diluted ordinary share capital of the company will not exceed 81.6 million ordinary shares. Apollo reserves the right to reduce its indicative offer price per ordinary
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