Achilles again extends deadline to purchase Brit

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.