QBE intervenes in Limit merger
The proposed merger between Lloyd's syndicates, Limit and Wellington has been thrown into uncertainty...
The proposed merger between Lloyd's syndicates, Limit and Wellington has been thrown into uncertainty following a £320m hostile cash bid for Limit by Australian insurer QBE.Subject to satisfactory due diligence, QBE would be prepared to pay 120p per share in cash, providing the merger with Wellington did not go ahead.
Limit has rejected the offer, which it believes significantly undervalues the syndicate. However, it has not dismissed the prospect of a deal with QBE and is currently in open
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