Lancashire Holdings receives bid approach from Ontario Teachers' Pension Plan
Lancashire Holdings [LON:LRE], an FTSE-250 property insurance company, was said to have received a bid approach from Ontario Teachers’ Pension Plan (OTPP), The Daily Mail reported. The newspaper said OTPP is believed to have approached Lancashire Holdings prior to the UK’s “Brexit” referendum about an offer at 618p per share, but did not cite a source for the speculation. An offer at that level would value Lancashire Holdings at about GBP 1.3bn (EUR 1.50bn).
It is not known whether discussions between OTPP and Lancashire are still active, the item said.
The report went on to cite reliable sources who suggested that Lancashire has attracted interest from other parties.
Lancashire Holdings’ share price closed 4.5p up at 610.0p in London on Thursday, 18 August, valuing the UK-based company at GBP 1.21bn.
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Source Daily Mail