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Member, Beacon International Group, Ltd.
AMSTERDAM—Achilles Netherlands Holdings B.V. has extended until Jan. 22 the deadline for shareholders of Brit Insurance Holdings B.V. to accept Achilles’ buyout offer.
As of Monday, Achilles said it had received acceptances representing about 70.49% of Brit’s share capital.
The deal, which values Brit at about £888 million ($1.38 billion), requires the acceptance of 95% of Brit’s share capital in order to proceed.
Amsterdam-based Brit writes multiline insurance and reinsurance through a syndicate at Lloyd’s of London and a U.K. insurance company.
In October, Achilles, a holdings company formed on behalf of funds managed by Apollo Management VII L.L.P. and CVC Capital Partners Ltd., and Brit announced that they had agreed to terms for Achilles to acquire Brit.
The deal is subject to approval by E.U. and Swiss antitrust authorities, the U.K. Financial Services Authority, Lloyd’s of London and the Gibraltar Financial Services Commission.
AMSTERDAMBrit Insurance Holdings N.V. and Achilles Netherlands Holdings B.V. have agreed to terms for Achilles to buy Brit for about £888 million ($1.39 billion).