Brit recommends buyout deal to shareholders
Brit Insurance has moved a step closer to selling the business after revealing it expects to recommend a buyout offer by Apollo Management and CVC Capital Partners to its shareholders.
The consortium has made an indicative proposal to acquire the entire issued and to be issued share capital of the company at £10.75 per share in cash. It is expected that shareholders will accept the offer.
In a statement on the London Stock Exchange, Brit said that although the consortium's due diligence was reasonably advanced, the proposal remained subject to a number of pre-conditions, including completion of outstanding due diligence and satisfactory discussions with regulators.
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