The proposed buy-out of Cox Insurance Holdings has now reached "advanced discussions," the company revealed today.

The offer, from a consortium led by Duke Street Capital V and including Englefield Capital LLP and Neil Utley, amounts to 92p cash and 2p dividend per share.

Cox said the two sides have agreed substantially on the commercial terms of the offer, and are now awaiting the resolution of some legal aspects of the consortium's financing arrangements.

Cox and its two largest shareholders - Warburg, Pincus Ventures LP and Palamon European Equity LP - have extended the inducement fee arrangements and irrevocable undertakings to accept the offer until April 28, the company said.

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