Legal and regulatory matters neeed to be finalised

The deadline for private equity firms Apollo and CBC Capital Partners to make a formal offer to buy Lloyd's insurer Brit has been extended to close of business on 25 October. The original deadline was today.

In a statement Brit said that significant progresds had been made in satisfying a number of the pre-conditions to the offer including the completion in all material respects of commercial due diligence by the Apollo/CVC consortium. The firm added, however, that a number of regulatory matters and legal documentation stil needed to be finalised.

Brit is due to release its interim management statement on 26 October.

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