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Brit Insurance agrees to $1.40-bn takeover by Apollo Management, CVC Capital

26 Oct 2010

1

Brit Insurance Holdings NV, an international general insurance and reinsurance group specialising in commercial insurance, today said that it has agreed to be taken over by a consortium of private equity firms for around £871 million ($1.40 billion).

The Amsterdam, the Netherlands-based Brit has recommended the £11.00 in cash per Brit share takeover offer from Apollo Management and CVC Capital Partners, valuing the insurer at around £871 million.

Under the terms of the offer, shareholders of Brit will receive £10.45 in cash plus a Contingent Value Payment (CVP) of up to £0.25 in cash a share.

Additionally, Brit Shareholders, who were on the register of the company on 22 October 2010, will remain eligible to receive the £0.30 Capital Distribution payable in cash on 7 December 2010.

The offer represents a premium of 47-51 per cent to Brit's closing share price of 729 pence on 10 June - the last day before the offer period started.

''I am pleased that we have reached agreement on the terms of the Offer which values Brit Insurance's shares at a significant premium to the prevailing market price prior to the commencement of the Offer Period,'' said John Barton, chairman of Brit Insurance.

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