30th Sep 2013 15:31
LONDON (Alliance News) - Nationwide Accident Repair Services PLC Monday said it has had an initial meeting with its new major shareholder Quindell Portfolio PLC at which the investor reiterated that it has no intention of launching a takeover bid for the company but does want to take a 29.9% stake.
Last week, Quindell Portfolio said it had taken a 22.5% stake in Nationwide Accident Repair Services by buying a 14.5% stake from Miton Group and an 8% stake from Octopus Investments Nominees Ltd. in exchange for new Quindell shares.
The software and technology consultancy, which is focused on the insurance and telecoms sectors, had said it wanted to explore future opportunities for working with Nationwide Accident Repair, including leveraging the combined volume of the companies, lowering the costs of claims for the insurance industry and broadening the overall proposition in insurance outsourcing.
Nationwide Accident Monday said its initial meeting with Quindell had discussed opportunities to work to together, but the talks were limited and conceptual in nature.
Quindell specializes in usage- and behaviour-based car insurance. Customers included big UK car insurers like AA, Aon, Avivam Axa and the RAC. Nationwide Accident Repair undertakes repairs for car insurers.
By Steve McGrath; [email protected]; @stevemcgrath1
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