Brit shares up 20% following private equity approach
Brit Insurance's shares have shot up in value in the first two and a half hours of trading this morning to 881 pence.
This marked a 20.85% rise on the price at the close of trading yesterday when they were valued at 729 pence.
The movement follows last night's announcement that the group had received an unsolicited indicative proposal from a private equity group regarding a potential cash offer for the group. Reports claim PE firm Apollo was behind the bid. Brit's previous high was 820.5 pence on 12 April.
Joy Ferneyhough, analyst at Execution Noble, said: "We welcome the interest in the sector given our
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