Kiln Board Accept Bid From Tokio Marine
Wednesday, February 10th, 2010
Targeted Lloyd’s insurer Kiln has today announced it is to recommend to its shareholders and approach by Tokio Marine & Nichido Fire Insurance in a bid worth around 150p per equity share, following a selection process of several other tabled and speculative approached for the business.
According to statements released today TMNFI have made a bid worth slightly over £442 million, which has been accepted by the board of directors and is to be put before shareholders at an extraordinary general meeting for majority approval.