Achilles again extends deadline for Brit buyout

AMSTERDAM—Achilles Netherlands Holdings B.V. has for the fourth time extended the deadline on its offer to buy Brit Insurance Holdings N.V.

Achilles, a holding company formed on behalf of funds managed by Apollo Management VII L.L.P. and advised by CVC Capital Partners Ltd., said Monday that the deadline for Brit shareholders to accept its offer is Saturday.

The deal, which values Brit at about £888 million ($1.38 billion), needs 95% acceptance to proceed. At the previous deadline, Feb. 5, Achilles had received approval for the deal from shareholders representing about 72.37% of Brit’s share capital, it said.

Brit, which operates a Lloyd’s of London syndicate and a U.K. insurance company, writes multiline insurance and reinsurance.

Last week, Achilles said Nick Prettejohn, former CEO of Lloyd’s, would lead Brit if the buyout is successful.