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21 May 2012

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Brit shares climb, but Apollo may walk after latest rebuff

2 July 2010

Brit Insurance shares initially climbed 5 percent in trading this morning (2 July) after the company announced it had rejected a revised £10.50 indicative bid from Apollo Global Management.

But Collins Stewart analyst Ben Cohen downgraded his target price on Brit shares over concerns Apollo will walk away from the process after the latest rebuff.

Shares traded up to 935p as the UK (re)insurer said that after "listening to its major shareholders", the offer from the US private equity firm...

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