Private equity giant wants to see Brit’s books

Private equity firm Apollo has told Brit Insurance it will make no more offers unless it is given preliminary access to the company’s books, the Telegraph reports.

Brit turned down a proposed bid of £10.50 per share on Thursday because it “undervalued the company”.

However Brit would welcome a higher bid if Apollo puts forward an offer “capable of recommendation”.

It is believed Brit is holding out for an offer of around £11 per share.

Collins Stewart analyst, Ben Cohen, downgraded his target price on Brit shares after the Lloyd’s insurer rejected the latest offer.

“We are surprised and disappointed that Brit’s board does not consider £10.50 a reasonable basis for discussions, especially in current market conditions,” Cohen said in a note.

“We think there is a real risk now that Apollo walks away.”