Leaked Brit takeover offer sparks FSA investigation
The Financial Services Authority (FSA) has launched an investigation into the private equity bid for Brit Insurance after details of the approach were leaked before the stock exchange was informed.
New York-based Apollo's initial offer of £10 per share was rejected by the Brit board, which claimed the proposal "significantly undervalued" the group.
However, details of the £785m takeover approach were leaked and FSA subsidiary, the UK listing authority, is now investigating the matter.
A source close to situation said: "The information was obviously leaked, so the FSA investigation is not surprising."
It has been reported that Brit pushed for the watchdog to look into the issue but the
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