Brit Insurance Announces ‘Possible Offer’ for Chaucer Holdings

The UK’s Brit Insurance Holdings PLC, a Lloyd’s and London market insurer, has confirmed that it has made a proposal to the board of Chaucer Holdings PLC in relation to a possible offer for the entire issued and to be issued share capital of Chaucer.

Brit said it is offering 0.23 of its shares for each Chaucer share. Brit’s shares were up this morning on the London Stock Exchange at 177.50 pence (app. $2.92), making the offer for Chaucer worth around 40.8 pence (67.08 cents). Chaucer’s shares closed at 42 pence (69 cents) on Friday.

Brit noted that, “the possible offer remains conditional upon, inter alia, a recommendation from the Board of Chaucer. This is not a waivable pre-condition.”
Source: Brit Insurance: www.britinsurance.com