Cox Insurance is set to come under the control of former chief executive Neil Utley, after a £297.9m cash offer was accepted by the public company's board.
A formal offer has still to be made, but it is expected that once this is officially approved, Mr Utley will de-list the motor specialist and make it private.
Mr Utley said: "Cox is a business with which I have been proud to be associated for a number of years. It has an excellent reputation in the market place and I believe that, as a
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