Chaucer swallowed up an American rival
Chaucer is being swallowed up by an American rival in a deal that values the Lloyd's of London insurer at £313m.
Guy Hands: The EMI owner was outbid for the firm
Hanover Insurance is paying 56p a share for Chaucer after outbidding a number of potential buyers, including private equity tycoon and former EMI owner Guy Hands.
Chief executive Robert Stuchbery said: 'The board felt it was the offer that was in the best interests of shareholders.'
Chaucer (up 1.25p to 55.25p), which also owns a large car insurance business, is the latest Lloyd's of London insurer to change hands following last year's takeover of rival Brit Insurance.
The Lloyd's market is widely viewed as being ripe for consolidation following a number of years of falling insurance rates.
But last month's earthquake and tsunami could halt the pace of deals as it could push up the price of insurance on the Lloyd's market.
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