Brit willing to consider increased offer after turning down £10.50 a share

Brit Insurance said it will not entertain a revised offer from US private equity firm Apollo of £10.50 per share.

But the insurer said it would be willing to consider a higher offer.

In a statement to the London Stock Exchange this morning, Brit said: "Apollo's advisers recently contacted the company's advisers and informed them that Apollo may be prepared to table a revised indicative proposal to acquire the entire issued and to be issued share capital of the company at £10.50 per share in cash.

"Any such indicative proposal would be subject to a number of pre-conditions, including completion of confirmatory due diligence and a recommendation from the board being forthcoming."

Brit continued: "The board has informed Apollo, after carefully listening to its major shareholders, that an offer at this level undervalues the company and, accordingly, would not represent a basis on which the board is prepared to engage with Apollo.

"However, the board remains open to engaging if Apollo were to put forward an offer capable of recommendation."