PRI said it has received a bid approach for the whole company from an interested party "at a premium" to the current offer by Brit Insurance which currently values each PRI share at around 113p.
"Since the announcement by PRI on April 2, 2003, the board has had discussions with a number of potentially interested parties to assess their interest and ability to make a higher competing offer for PRI", it said.
"One of these parties has confirmed in writing to PRI that it is considering making an offer for the entire issued share capital of PRI at a premium to the current offer by Brit."
