Directors of Lloyd's broker, Windsor, have made an offer to buy out the company for around £33.7m.
Both independent and executive directors have agreed terms of a recommended proposal to acquire all the issued and to be issued share capital of the company.
David Low, executive chairman of Windsor, who is leading the buy-out, said: “Whilst Windsor has delivered good returns for shareholders over the past eight years, the executive directors believe that a change to private company status, substantially owned by staff, will be a major advantage for the business over the next few years as the insurance broking sector responds to the changes introduced by the FSA and a challenging market environment for both of Windsor's main operating companies - Windsor Insurance Brokers and Windsor Professional Indemnity.”
The management buy-out will be done through Ostrakon Capital, a specially formed company. Seventy-eight percent of it will be owned by 68 of Windsor's senior management and employees, led by the executive directors, with the remaining 22% owned by Hutton Collins Capital Partners II LP.
Windsor's executive directors announced in September 2006 that they were considering making a formal approach to Windsor.
