GoshawK's board is ready to re-enter negotiations with Nikko Principal Investments (NPI), the UK private equity arm of the Japanese group, after talks broke down yesterday.
According to reports, GoshawK is understood to have walked away from the proposed deal because NPI failed to come up with a figure it was prepared to pay for GoshawK after six weeks of talks.
But GoshawK's board, led by chairman Paul Spencer, is understood to be willing to re-enter negotiations. Several of GoshawK's leading shareholders are also believed to be keen to see a deal reached.
Analysts have suggested a takeover would be a desirable outcome for GoshawK. It would be a good fit for an existing Lloyd's company seeking to gain a presence in Bermuda. But any potential buyer would have to deal with possible further increases in US reserves, plus the unknown exposure of GoshawK's losses to the recent hurricanes.
