Brit Insurance rebuffs Apollo bid

UK general insurance and reinsurance group Brit Insurance (LON:BRE) did not accept an over GBP570m (USD838.5m/EUR693m) offer from US private equity firm Apollo Management, the Financial Times reported today, citing people in the know.

Apollo's indicative offer values the UK insurer at GBP10 per share. Reportedly, the offer could be raised, but Apollo was not immediately available to comment.

Brit confirmed yesterday an unsolicited indicative approach from a private equity firm, without revealing its name. According to the insurer, the offer is significantly undervaluing.

Country: ; UK

Sector: Insurance

Target: Brit Insurance Holdings NV

Buyer: Apollo Management LP

Deal size in USD: 838.5m

Type: LBO

Status: Bidding

Comment: Brit rejects offer.

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