Brit recommends buyout deal to shareholders

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The consortium has made an indicative proposal to acquire the entire issued and to be issued share capital of the company at £10.75 per share in cash. It is expected that shareholders will accept the offer.

In a statement on the London Stock Exchange, Brit said that although the consortium's due diligence was reasonably advanced, the proposal remained subject to a number of pre-conditions, including completion of outstanding due diligence and satisfactory discussions with regulators.

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