Consortium gets clearance from competition authorities to buy insurer
Private equity consortium Achilles has extended the final date by which its offer for Lloyd’s insurer Brit must become unconditional, also known as Day 60, to 1pm on 18 March. Day 60 was originally set for 22 January.
The current deadline for shareholder acceptance of the offer remains at 22 January, following an extension announced on January 11.
Achilles, Brit and the takeover panel extended the Day 60 deadline to allow the UK Financial Services Authority (FSA) time to complete its review of Achilles’ clearance application.
The consortium received clearance from the EU commission on Wednesday, and so now has regulatory clearance from all the competition regulators to satisfy certain conditions under the offer, but is still awaiting approval from the FSA and Lloyd’s. Lloyd’s has conditionally granted acceptance subject to the FSA granting clearance.
Under the extension, Day 60 will be 13.00 London time on 18 March or, if sooner, 14 days after approval by the FSA and Lloyd’s.
Day 60 can be put back further if Achilles, Brit and the takeover panel agree on it.
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