Brit's bid to buy professional indemnity insurer PRI has become unconditional, it declared.
The offer, which values PRI at about £156m, remains open for acceptance until further notice.
By yeste ...
Brit's bid to buy professional indemnity insurer PRI has become unconditional, it declared.
The offer, which values PRI at about £156m, remains open for acceptance until further notice.
By yesterday afternoon, Brit's offer had been accepted by shareholders representing 96.1% of PRI's total stock.
Brit already owned a small shareholding before it made the offer, so this means Brit owns or has acceptances covering 96.7% of PRI's stock.
Brit chairman Clive Coates said: "This is a tremendous leap forward for Brit.
"We believe that the combined businesses of Brit and PRI provide an excellent opportunity to service the UK and other insurance markets with a wider product base and stronger capital base."
Brit chief executive Neil Eckert said: "This transaction further establishes Brit as a market leader in the UK small to medium commercial insurance sector."
