Benfield in a leap on hopes of bid from M&M

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United States giant Marsh & McLennan is expected to try to gatecrash the £844 million takeover of Benfield, which was agreed by its rival Aon two weeks ago.

M&M was apparently working on its own full-funded offer for the London reinsurer when Aon pipped it to the post.

Now M&M, which is being advised by Citi, is assessing whether it is worth it making a higher counterbid. Benfield's directors have already recommended the Aon offer and it began with acceptances from holders of 24.5% of the shares.
If Benfield were to walk away and accept another bid it would have to pay Aon a break fee of £8.4 million.

Aon's all-cash offer of 350p a share was at a 40% premium to Benfield's recent share price and is already viewed by many as fairly toppy. But in a rapidly consolidating market where reinsurance premiums are falling, Benfield is seen by many as one of the last attractive takeover targets.
Benfield was created by the late Matthew Harding, the deputy chairman of Chelsea football club, who died in a helicopter crash on his way home from an away game.