Apollo-CVC offer accepted
Brit Insurance has agreed a cash offer from Apollo Management and CVC Capital partners in a deal valued at about £888m, which will result in shareholders receiving up to £11 a share.
The insurer has agreed the terms of the offer from Achilles, a newly incorporated company formed by Apollo and CVC.
Under the terms of the agreement, all accepting Brit Shareholders will be entitled to receive £10.45 in cash plus a contingent value payment of up to £0.25 in cash per share. In addition, entitled Brit shareholders, on the register of Brit Insurance on 22 October 2010, will remain eligible to receive the £0.30 capital distribution payable in cash on 7 December 2010.
John Barton
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