Brit accepts Apollo-CVC takeover terms
Brit Insurance this morning (26 October) accepted a cash offer worth up to £888mn from private equity houses Apollo Management and CVC Capital Partners, ending months of speculation about its future.
The market has been watching the deal since June, when The Insurance Insider revealed that Brit's depressed trading multiple had attracted interest from private equity.
Brit revealed that the 1,075p offer consists of a 1,045p payment and a contingent value payment (CVP) of up to 0.25p in cash per...
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