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Pamplona “king makers” in Chaucer deal

23 June 2009

Pamplona Capital Management’s decision to increase its stake in Lloyd’s insurer Chaucer to 9.26% could scupper Brit Insurance’s rival offer for the firm, an analyst has told Reactions.

Read more: [pamplona capital managment] [brit insurance] [chaucer]

Pamplona Capital Management’s decision to increase its stake in Lloyd’s insurer Chaucer to 9.26% could scupper Brit Insurance’s rival offer for the firm, an analyst has told Reactions.

Yesterday’s move by Pamplona to acquire 7.34% of Chaucer values Chaucer at 44 pence a share and trumps Brit’s earlier bid, which valued the Lloyd’s insurer at 40 pence a share, or 4% less than Chaucer’s closing price on June 19 of 42 pence.The private equity firm financed by Russia's Alfa bank also reiterated its intention...


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Quote

CEOs won’t move prices until they see blood in the street and have the concern that some of it might be theirs.

Tom Bolt, director of underwriting performance at Lloyd’s of London