Brit and Pamplona vying for Chaucer nudges shares up 3%
Brit has offered Chaucer shareholders about 0.23 of Brit shares for each Chaucer share, the Telegraph reports, valuing Chaucer at about 40p a share.
But rumours of a £70m Brit fundraising triggered speculation it could add a cash element to its offer for Chaucer.
Brit is vying with hedge fund Pamplona Capital Management for Chaucer. Pamplona is said to be willing to offer 45p a share for a 29.9pc stake in Chaucer.
Chaucer’s shares rose 3%, up 1¼ to 41¼p.
