Offer extended again until 8 April
Private equity consortium Achilles has received acceptance from 97.68% of Brit’s shareholders for its takeover of the Lloyd’s insurer.
The offer was declared wholly unconditional on 9 March, but Achilles has kept the offer open to gain acceptance from more shareholders. The offer has now been extended again until 8 April to allow any remaining shareholders to accept the offer.
As sufficient acceptances for the offer have now been received, Achilles intends to acquire any remaining Brit shares using a so–called squeeze-out procedure, under which a majority shareholder can acquire any shares it does not own by offering the minority holders a reasonable compensation.
Yesterday Brit announced that, as described in the Achilles offer document of 23 November 2010, John Barton has resigned as a non-executive director with immediate effect.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
