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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tellworth British Recovery & Growth Trust plc | LSE:BRIT | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 280.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
By Ian Walker
LONDON--Shares of Brit PLC (BRIT.LN) rose 10% in early trade Tuesday after the U.K.-listed specialty insurer agreed to a takeover by Canadian insurance giant Fairfax Financial Holdings Ltd. (FFH.T) for 1.22 billion pounds (US$1.88 billion).
"With the acquisition of Brit, Fairfax will have a significant top five position at Lloyd's of London," Fairfax Chairman and Chief Executive Prem Watsa said in a statement.
Fairfax is paying 305 pence in cash for each share of Brit, which only re-joined the London Stock Exchange last April. The price is an 11% premium to its closing share price Monday, and a 27% premium to its initial public offering price of 240 pence.
The offer comprises 280 pence per share in cash and the expected final dividend of 25 pence, to be declared alongside Brit's earnings on Feb. 25.
At 0855 GMT Brit shares were trading 27.8 pence, or 10% higher at 302 pence.
Fairfax, which expects the acquisition to add to its gross revenue and investments a share, said it has secured irrevocable agreements to acquire about 73% of Brit's outstanding float.
"Brit has an outstanding track record over the last 10 years and will continue to operate on a decentralized basis once owned by Fairfax," Mr. Watsa said.
"Brit's Board is pleased to recommend the combination with Fairfax, which I believe will bring us significantly closer to realizing our strategy of building the leading global specialty (re)insurer," its Chairman Richard Ward said.
Fairfax said it is fully supportive of Brit management's current business plan and strategy, and intends to retain Chief Executive Mark Cloutier and as much of the existing key management team as possible.
Brit, formally Brit Insurance Holdings, rejoined the London market on April 2, 2014 after a three-year absence. It was taken private by Achilles Netherlands Holdings BV, a company formed by funds managed by private-equity firms Apollo Global Management and CVC Capital Partners, which bought the insurer for GBP888 million in October 2010 and subsequently canceled its listing in March 2011.
Brit is a Netherlands-based firm providing a broad range of commercial insurance and reinsurance products with a focus on the property, casualty and energy business.
--Rita Trichur contributed to this article.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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