Howzat for a deal?
Oct 27 2010 Huddersfield Daily Examiner
ENGLAND cricket team sponsor Brit Insurance is set to go private after it backed a buy-out deal valuing the company at up to £888m.
Independent directors of the Lloyd’s of London insurer have recommended that shareholders accept the offer of between £10.75 to £11 a share from private equity firms Apollo and CVC Capital Partners.
The offer values the shares at up to 51% more than the closing price £7.29 on 10 June – the last day before the “offer period” for bids began.
It came as Brit said its premiums were down 8.5% to £1.2bn in the year so far after it decided to focus on higher margin business.