In September, directors of the insurance underwriting and broking support services provider gave the thumbs-up to a 315p per share cash offer from US private equity firm Lovell Minnick.
On Friday, Charles Taylor said this offer had been increased to 345p per share, with shareholders still able to receive the latest dividend of 3.65p per share with no reduction in the offer.
The board said it had received “a number of unsolicited approaches” other from interested parties with which it had been in talks prior to original Lovell announcement, which had led to these being terminated.
But after the offer was agreed, the company said it had received a rival approach at a higher price to Lovell’s, sparking this latest offer increase.
So far, the Lovell bid has stated support from investors in less than 8% of the shares and another unanimous recommendation from the board.