Secretive arbitrage funds have bought significant tranches of Brit Insurance stock because they are confident that Apollo's £880mn buy-out approach will succeed, The Insurance Insider can reveal.
Last month, after almost seven weeks of negotiations, Brit allowed New York-based private equity firm Apollo to carry out due diligence after it increased its indicative offer to 1,075p per share.
With up to 81.6mn ordinary shares in issue, the proposal values the Lloyd's/UK insurer at £877mn ($1,320mn).
But there is no certainty...
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