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.
