FSA approves Brit takeover

The UK Financial Services Authority has approved private equity consortium Achilles’ takeover of Lloyd’s insurer Brit.

As a result of the regulator’s approval, Lloyd’s has also given the deal the green light. Lloyd’s had previously approved the transaction on condition that it also received the FSA’s go-ahead.

Achilles, a consortium of private equity firms Apollo and CVC Capital Partners, is still waiting for acceptance from 95% of Brit’s shareholders. As of 14 February, Achilles had still only received acceptance of 72.69% of shareholders, despite extending the deadline several times. The latest acceptance deadline is 19 February.

According to the revised timetable issued on 20 January, the latest time at which the offer may become or be declared unconditional as to acceptances in accordance with the Takeover Code, also known as Day 60, will be 13.00 on 2 March.

Achilles reserves the right to reduce its acceptance threshold below 95%.