Brit withdraws Chaucer bid
Takeover off the cards as Chaucer board declines to recommend proposal to shareholders
Brit has withdrawn its bid for the takeover of Chaucer after the board of Chaucer said it was not in a position to recommend the proposal.
The terms of the proposal were 0.23 new Brit ordinary shares for each existing Chaucer ordinary share.
Brit said it decided to withdraw the offer as it was not in the best interests of its shareholders to make any material adjustment to its proposed terms.
Under rules of The City Code on Takeovers and Mergers, Brit has the option to make another offer in the
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