23rd Jun 2009 17:33
FOR IMMEDIATE RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD VIOLATE THE LAWS OF THAT JURISDICTION
Brit Insurance Holdings PLC
Withdrawal of proposed offer for Chaucer Holdings PLC
On 22 June 2009, Brit Insurance Holdings PLC ("Brit") confirmed that it made a proposal to the board of Chaucer Holdings PLC ("Chaucer") in relation to a possible offer for the entire issued and to be issued share capital of Chaucer. The terms of the proposal were 0.23 new Brit ordinary shares for each existing Chaucer ordinary share.
Brit's proposal was conditional on a recommendation from the board of Chaucer. The board of Chaucer has informed Brit that it is not in a position to recommend the proposal and, accordingly, Brit has decided to withdraw its proposed offer.
In coming to its decision, the board of Brit determined that it was not in the best interests of its shareholders to make any material adjustment to its proposed terms.
For the purposes of Rule 2.8 and other relevant provisions of The City Code on Takeovers and Mergers ("the Code"), Brit reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Chaucer and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code at any time within the next six months in the event that:
(i) an agreement or recommendation from the board of Chaucer is forthcoming; or
(ii) there is an announcement by a third party of an offer or possible offer for Chaucer; or
(iii) Chaucer announces a whitewash proposal for the purposes of Rule 9 of the Code or a reverse takeover; or
(iv) there is a material change in circumstances.
-ENDS-
Enquiries
Brit Insurance
Neil Manser 020 7098 6980
Haggie Financial
Peter Rigby 020 7417 8989
Notes to Editors
About Brit Insurance
Brit Insurance's operations comprise three strategic business units: Brit Global Markets, Brit Reinsurance and Brit UK. Brit Insurance refers to products and services underwritten by Brit Insurance Limited or Brit Syndicates Limited (managing Syndicate 2987 at Lloyd's), both of which are authorised and regulated by the Financial Services Authority. Brit Insurance Limited and Brit Syndicates Limited are wholly-owned subsidiaries of Brit Insurance Holdings PLC. Brit Insurance has UK underwriting offices in London, Reading, Birmingham, Bristol, Glasgow, Belfast, Leeds, Darlington, Ilford and Manchester.
Related Shares:
BRE.L