Achilles' Brit buy still only has 72% acceptance

Private equity consortium Achilles' offer for Brit still only has acceptance from 72.32% of the Lloyd's insurer's shareholders three months after the initial offer terms were agreed.

Achilles has now extended the acceptance deadline for the fifth time, pushing the closing date back to 5 February. The consortium had received accceptance from 70.49% of Brit's shareholders after the first deadline elapsed.

Achilles is seeking acceptance from 95% of Brit's shareholders, although it can reduce this target. There is also scope for further deadline extentions. Earlier this month, Achilles, Brit and the takeover panel agreed to extend the timetable of the offer, setting the final date at which the offer must become conditional for 18 March. This date was originally 22 January.

Achilles and Brit initially agreed on offer terms on 26 October last year, and the offer document was issued on 23 November.