Several bidders line up to buy Lloyd’s insurer

Chaucer has received several takeover bids since it announced it was seeking extra cash.

The company said this morning: “In response to the recent press speculation, the board wishes to confirm that since the announcement on 28 January 2009 setting out the company's plans to raise £75m (net of expenses) through a firm placing and placing and open offer, the company has received a number of approaches which may, or may not, lead to offers for the entire issued share capital of the company. These approaches are in addition to the approach from Novae Group that was announced on 27 January 2009. The company has been holding discussions with each of the parties who have made these approaches and the Chaucer board will be meeting later today to consider the proposals put to it.