Insurer to delist from the stock exchange on 7 April
Private equity consortium Achilles' offer for Lloyd's insurer Brit has been declared wholly unconditional following the satisfaction or waiver of all the conditions in the offer document.
The declaration is a day ahead of the March 10 deadline.
The 20-business-day notice period for delisting from the London Stock Exchange has begun and Brit expects to delist on 7 April.
The cash consideration, including the full 25p a share contingent value payment, will be paid in 14 days to those shareholders who have accepted the offer, or for those who have not yet accepted, 14 days after acceptance.
Brit announced with its annual results two weeks ago that it had earned the full 25p contingent value payment as its full-year net tangible asstes had exceeded £11 a share, coming in at an adjusted level of £11.21 a share.
Despite the offer being declared unconditional, it will remain open until 26 March. As of March 5 Achilles had received acceptance from 87.06% of Brit's shareholders.
