Green light for esure takeover
The board of insurance giant esure has backed a £1.2billion takeover by a US private equity firm.
Esure will recommend Bain Capital’s formal 280p-a-share offer to investors.
Esure founder Sir Peter Wood stands to pocket around £370million from the sale.
He said: “It is a great outcome for shareholders, for the company, and for customers.”
Esure also announced results for the first half of the year, with profits dented to the tune of £14million by the Beast from the East.
The company made £36.1m, down 20%.
Esure blamed the drop on a hit from cold weather in March and flash flooding in May.