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Offer made to buy Alexander Forbes

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JOHANNESBURG, South Africa—Alexander Forbes Group Ltd. announced that a consortium of private equity investors has made an offer to its board to buy the brokerage.

Alexander Forbes said last week it had received an approach from a consortium led by Actis Africa Fund 2, acting through Clean- sheets Investments (Proprietary) Ltd. The consortium had submitted a proposal to acquire the entire issued share capital of the Johannesburg, South Africa-based broker for 8.3 billion rand ($1.11 billion).

Alexander Forbes announced earlier this year that it was considering a possible sale of the company to private equity investors. And in August the company announced the sale of its London-based International Financial Risk Services arm to U.S. broker Lockton Cos. Inc (BI, Aug. 28).

If the proposed deal goes ahead, Alexander Forbes' listings on the Johannesburg, Namibia and Botswana stock exchanges would be terminated.

In addition, it is intended that management and staff of Alexander Forbes, as well as two black economic empowerment entities, would collectively own at least 30% of the equity in the company.

Alexander Forbes was ranked the world's ninth-largest broker in Business Insurance's 2006 global broker ranking.