Apollo proposed £10 per share cash offer

Apollo Global Management has been confirmed as the private equity firm which recently made an unsolicited cash offer for Brit Insurance.

In a statement, Brit also confirmed speculation that the offer was for £10 per share.

Brit said: "In response to recent press speculation, the board of Brit Insurance confirms that the indicative proposal that it recently received was made by Apollo Global Management.

"Brit Insurance confirms that Apollo's proposal, which was subject to a number of pre-conditions including due diligence, was for £10 per share in cash.

Bid rejected

"As previously stated, the board of Brit Insurance reviewed this proposal and concluded that it significantly undervalues the group.

"Accordingly, the board advised Apollo that it was not prepared to engage in further discussions unless a higher indicative offer, which was capable of recommendation, was forthcoming."

The statement added: "This announcement has been made without the consent of Apollo."