It seems that the potential bid for Lloyd's insurer Brit by Apollo Global Management is heading towards a successful conclusion.
IC TIP:
Buy
at
1037p
Apollo has announced that, in addition to the 1,075p a share that it suggested back in July, the company is prepared to offer up to 25p a share more - potentially taking the offer price to as high as 1,100p a share. That full extra payment is dependent upon Brit's full-year net tangible assets (NTA) reaching 1,100p a share, but would be reduced on a pro-rata basis should the NTA figure turn out to stand between 1,075p and 1,100p.
