With Angelique Ruzicka, finance editor
Chaucer set market speculators’ minds at ease this week by confirming what everyone thought – that more than one company is interested in buying it.
Novae is formally in due diligence. According to UK reports – and our online analysis “Why Chaucer has plenty of suitors” – Brit has joined the fray. Brit has refused to comment.
Analysts will not rule out bids from Bermuda. One said the weakness of sterling against the dollar would make buying a Lloyd’s business such as Chaucer cheap for a Bermudian company. Shareholders seem to like the idea of multiple bidders and Chaucer’s share price rose by just over 9% this week. Novae’s price was up 10.34%.
AIM activity was flat again this week. This column highlighted a 31.25% drop for Resources In Insurance Group last week. Its chairman John French has since said: “The underlying situation of the business is becoming quite encouraging. Come March I can make positive statements about progress.”