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Member, Beacon International Group, Ltd.
AMSTERDAM—Achilles Netherlands Holdings B.V. has extended the deadline to Jan. 29 for shareholders of Brit Insurance Holdings B.V. to accept Achilles’ buyout offer.
It is the second time Achilles has extended the deadline. By the earlier deadline, which was Saturday, Achilles said it had received acceptances representing about 71.3% of the share capital of Brit.
The deal requires 95% of Brit shareholders to accept it to proceed.
Achilles, a holding company formed on behalf of funds managed by Apollo Management VII L.L.P. and CVC Capital Partners Ltd., announced in October that it had reached agreement with Brit to acquire the Amsterdam-based company for £888 million ($1.38 billion).
Brit writes multiline insurance and reinsurance through a Lloyd’s of London syndicate and a U.K. insurance company.