Brit planning to recommend offer from Apollo and CVC consortium
Brit Insurance has confirmed receiving a cash offer of £10.75 per share from a consortium formed by Apollo Management and CVC Capital Partners.
In a statement to the stock exchange the insurer stated that due diligence is reasonably advanced but that the proposal remains subject to a number of pre-conditions.
It also confirmed that it expected the independent directors of Brit Insurance to recommend this proposal to shareholders provided that the other terms and conditions of any offer made by the consortium are acceptable and the pre-conditions are satisfied within a reasonable timeframe.
The statement added: "The board has agreed to
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