Who leaked details of Apollo’s bid before market told
Brit Insurance has asked the Financial Services Authority’s UK Listing Authority to investigate the leaking of US private equity group Apollo’s £785m takeover offer, City AM reports.
Brit’s wants to know how news of an anonymous approach was reported before Brit could make a stockmarket announcement.
City AM quotes a “person close to Brit” as saying: “They were concerned that the circle who knew about [Apollo’s offer] from the Brit end was small, and they wanted to try and establish where [the leak] came from.”
Brit is expected to meet its largest shareholder, Schroders, today to discuss Apollo. The firm has the backing of most of its top 10 investors to hold out for an offer of at least £11 per share but some smaller fund managers say they would be prepared to sell at £10.50.