Brit close to landing rival insurer Chaucer

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It today confirmed the speculation which had been running for weeks that a deal is on the cards. It is offering the Chaucer board 0.23 new Brit shares for every Chaucer share.

That's a nil-premium offer - such deals are always at risk of being usurped by a higher offer.

Brit indicated today that it is not willing to make the takeover hostile - it wants the agreement of the Chaucer board or else it will walk away.

Chaucer shares today stood at 42p, which values the business at £230 million. Brit, by comparison, has a market value of £550 million.

Chaucer has been looking for a deal all year. Novae Group, a rival insurer, ended talks with Chaucer in March after also proposing a nil-premium merger.