Insurer's shares no longer available for trading
Lloyd's insurer Brit has delisted its shares as it enters the final stage of its acquisition by private equity consortium Achilles.
Brit's listing was cancelled at 8am this morning, and the the shares are now no longer available for trading on the London Stock Exchange.
Achilles' offer for Brit was declared wholly unconditional on 10 March, and closed on 26 March.
The delisting brings an end to the Brit takeover story, which began last summer when the insurer rejected a £10-a-share offer from private equity firm Apollo in June. Apollo went on to form Achilles with fellow private equity firm CVC Capital Partners.
Brit eventually accepted an £11-a-share offer from the Achilles consortium in October last year, which comprised a $10.45-a-share base amount, a 30p-a-share capital distribution to shareholders and a 25p-a-share contingent amount payable if Brit's year-end 2010 net tangible asset value exceeded £11 a share.
Brit's year-end net tangible assets came in at £11.21 a share, allowing it to earn the full amount.
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