Brit takeover deadline extended

Brit Insurance shareholders have been given longer to accept the recommended cash offer by Achilles after the deadline was extended to 1pm on 10 January 2011.

The group said that as at 1pm on 27 December 2010, being the first closing date of the offer, Achilles had received valid acceptances of the offer in respect of over 56 million Brit Insurance Shares and/or Brit Insurance DIs representing approximately 70.78% of the existing issued share capital of Brit Insurance, which Achilles may count towards the satisfaction of the acceptance condition to the offer.

In a statement to the London Stock Exchange, Brit said: "So far as Achilles is aware, none of these acceptances have been received from persons acting in concert with Achilles.

"Of these acceptances, acceptances have been received in respect of 423,117 Brit Insurance Shares (representing approximately 0.53% of the existing issued share capital of Brit Insurance) which were subject to an irrevocable commitment procured by Achilles."