Shares in Cox Insurance soared by 30% yesterday after it rejected a takeover inquiry from ESure chairman Peter Wood.
Shares in Cox Insurance soared by 30% yesterday after it rejected a takeover enquiry from ESure chairman Peter Wood.
Cox shares rose to 79 pence after it told Wood the bid was of "insuffient value".
The bid was backed by Wood and was led by Cox retail insurance chief executive Neil Utley.
However Wood said he was "surprised" by the Cox statement. He added that Cox chairman, Peter Owen, had encouraged him to launch a management buy-out.
He said: "Under the impression that a bid would be actively encouraged, I have worked since this date with members of the potential MBO team to pursue this."
However ESure last night distanced themselves from the bid saying that Wood was acting only in a private capacity.
