UK insurer and reinsurer Brit Insurance Holdings on Friday said it has rejected a higher indicative bid from New York-based Apollo Global Management, its second rejection in four weeks.

Brit said Apollo was ready to offer £10.50 per Brit share in cash, higher than the £10-per-share indicative offer last month.

The UK insurer has rejected a second higher offer from US buyout firm Apollo Management

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Brit Insurance rejects offer from Apollo

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