Brit rejects £10 a share offer

Brit Insurance has confirmed that it received an “unsolicited indicative proposal from a private equity group regarding a potential cash offer for the Group” and rejected it.

Brit said: “It significantly undervalues the Group and has accordingly advised the potential offeror that it does not represent a basis on which the Board is prepared to engage in any further discussions.

The FT named the private equity firm as Apollo, founded by Leon Black, and said it was considering whether to return with a higher offer.

The Telegraph said Apollo offered £10 a share for Brit – a 30% premium to last night’s closing price of 729p.