Confirms discussions have begun with Chaucer board
Novae has entered into discussions with Chaucer over a possible merger between the two groups.
In a statement to the Stock Exchange the Lloyd's insurer said "due diligence had commenced with a view to confirming the expected material benefits that could arise from a combination of the companies' complementary operations".
"This process is likely to continue beyond the expected completion of Chaucer's proposed capital raising," the statement added.
Earlier today, Chaucer said it board had met to consider the approaches made by a number of parties. It said it would also press ahead with its capital raising plans, despite one potential acquiring stipulating that the rights issues should be cancelled.
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