Brit up 20% as bid kickstarts market
As the London Stock Exchange opened this morning, Brit Insurance Holdings' share price soared 20 percent to 880p, as investors reacted to the firm's rejection of an unsolicited all-cash bid from private equity group Apollo.
The news that the Brit board had received and rejected a takeover approach was broken last night by The Insurance Insider.
Within an hour, Brit published a stock exchange announcement prompted by "press speculation" which confirmed that it had "received an unsolicited indicative proposal from...
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