Private equity firm responds to Chaucer bid speculation
Terra Firma, the private equity firm founded by Guy Hands, has admitted it is considering making an offer for Lloyd's insurer Chaucer.
Yesterday, Insurance Times reported that Hands, who only last week returned record label EMI to the banks, was one of a number of firms being linked to a bid for Chaucer.
"Terra Firma Investments notes the recent speculation concerning a possible offer for Chaucer and confirms that it is currently considering making an offer for the entire issued and to be issued share capital of Chaucer," the company said in an announcement to the London Stock Exchange.
Speculation surrounding the future of Chaucer caused its share price to rise almost 17% yesterday. Chaucer confirmed that it has received 'a number of approaches'.