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Letter to the Editor
Tuesday November 9
UK's Cox Insurance Receives Takeover Bid Approaches
British motor insurance firm Cox Insurance Holdings could become the subject of a bidding war after it admitted to having received a number of takeover approaches. The company is now believed to be in preliminary discussions regarding a possible GBP300 million deal.The approaches reportedly include a bid from a consortium led by Cox' former CEO Neil Utley, who left the company less than half a year ago. This consortium is said to be backed by Lloyds TSB's private equity group and Englefield Capital.
According to industry reports, this consortium would have to offer a premium of approximately 100p a share, which would value Cox at 313 million pounds ($580.6 million).
However, the discussions are still at early stages and any takeover action will remain subject to approval from Cox's largest shareholders.
Cox Insurance is a leading UK retail insurance firm, combining the UK's largest motor insurance underwriter at Lloyd's with a developing broking business. It is the UK's largest motorcycles insurer and the seventh largest motor insurer.
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