Cox's share price rose by 29.3% after it turned down a buy-out led by Direct Line founder Peter Wood. Insurance Times tipped that Wood would try to buy Cox in June after he purchased a stake.
The L ...
Cox's share price rose by 29.3% after it turned down a buy-out led by Direct Line founder Peter Wood. Insurance Times tipped that Wood would try to buy Cox in June after he purchased a stake.
The Lloyd's insurer refused a bid worth £295m, describing it as "of insufficient substance and value."
It said in a statement it was not in talks with any party about a possible takeover, .
Wood, an old friend of Cox retail chief executive Neil Utley, proposed to buy the company for between 85p and 100p a share.
The stock was trading at 79p on Tuesday.
Under the deal's terms, Cox's board would have stepped been replaced by a team led by Utley, with Wood as non-executive chairman.
Wood is currently chairman of Esure, the general insurance arm of HBOS.
Wood was understood to have been encouraged to work on the bid for months.
Esure took a 1.3% stake in Cox when the insurer issued new shares earlier this year.
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