Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Achilles again extends deadline to purchase Brit

Sarah Veysey

January 31, 2011 Reprints

P/C Insurers Lloyd's of London Netherlands Mergers & Acquisitions More + Less -

AMSTERDAM—Achilles Netherlands Holdings B.V. has again extended the deadline for shareholders of Brit Insurance Holdings B.V. to accept its buyout offer.

Achilles, a holding company formed on behalf of funds managed by Apollo Management VII L.L.P. and CVC Capital Partners Ltd., is bidding to acquire Amsterdam-based Brit for about £888 million ($1.38 billion).

Achilles said it was extending the deadline for Brit shareholders to accept its offer to Feb. 5, 2011.

So far, Achilles said it had received acceptances representing about 72.32% of Brit’s total share capital. The deal requires a 95% acceptance rate to proceed.

Brit underwrites multiline insurance and reinsurance through a U.K.-based insurance company and a syndicate at Lloyd’s of London.

Help

Achilles again extends deadline to purchase Brit

Readers Poll

Sign up now for free access to this article and much more.

If you are already registered with Business Insurance, click here to Login

Please tell us a bit more about yourself in order to continue

About

Advertise

Reprints and Licensing

Resources