Offer declared unconditional on acceptances

Private equity consortium Achilles' offer for Lloyd's insurer Brit has been declared unconditional on acceptances following the reduction of the shareholder acceptance threshold.

Achilles was originally seeking acceptance of the offer from 95% of Brit shareholders, but reduced the level to 80%. It now deems the acceptance condition satisfied.

The announcement closely follows the UK Financial Services Authority's approval of the takeover, which was announced on Tuesday.

The consortium said it has now received acceptance from more than 75% of Brit's shareholders. It has extended the offer deadline again to 5 March.

The offer must be declared unconditional on all aspects on or before 10 March.

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