Brit Insurance Holdings N.V.
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Publicatie datum
26 okt 2010 - 11:27
Statutaire naam
Brit Insurance Holdings N.V.
Titel
Recommended cash offer
Bericht
- 1 -
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
FOR IMMEDIATE RELEASE
26 October 2010
RECOMMENDED CASH OFFER FOR BRIT INSURANCE HOLDINGS N.V.
(“BRIT INSURANCE”)
BY ACHILLES NETHERLANDS HOLDINGS B.V. (“ACHILLES”)
Summary
• The board of Achilles and the Independent Directors of Brit Insurance are pleased to announce that they have agreed the terms of a recommended cash offer to be made by Achilles for Brit Insurance.
• Achilles is a newly-incorporated company formed on behalf of, and which will be majority-owned by, funds managed by Apollo Management VII, L.P. and funds advised by CVC Capital Partners Limited.
• Under the terms of the Proposal, which comprises the Offer and the £0.30 Capital Distribution, Entitled Brit Shareholders who accept the Offer will be eligible to receive up to £11.00 in cash per Brit Share.
• Under the terms of the Offer, all accepting Brit Shareholders will be entitled to receive £10.45 in cash plus a Contingent Value Payment (“CVP”) of up to £0.25 in cash per Brit Share. In addition, Entitled Brit Shareholders, being Brit Shareholders who were on the register of Brit Insurance on 22 October 2010 will remain eligible to receive the £0.30 Capital Distribution payable in cash on 7 December 2010.
• The amount of the CVP will be calculated by reference to the extent to which Brit Insurance's audited consolidated net tangible asset value as at 31 December 2010 per Brit Share (on a diluted basis) after adjustment for certain agreed items exceeds £10.75.
• If the maximum CVP of £0.25 per Brit Share were payable, the entitlement to receive £10.45, the full CVP and the £0.30 Capital Distribution, in each case, in cash per Brit Share, would value the entire issued and to be issued share capital at approximately £888 million.
• The aggregate amount payable under the Proposal of £10.75 to £11.00 per Brit Share
Datum laatste update: 23 februari 2026