Wellington , QBE Raise Bids For Limit Plc

June 28, 2000

The ongoing battle to acquire Lloyd’s insurer Limit Plc continues to heat up as both contenders, Australia’s QBE and London insurer Wellington Underwriting Plc, upped their offers by as yet undisclosed amounts.

QBE had already offered 135 pence (about $2.03) and Wellington slightly less. Limit’s management has steadfastly refused to entertain the unsolicited offer from QBE, and has always recommended its fellow Lloyd’s insurer, Wellington, as a partner, but that may be changing. QBE CEO Frank Halloran has reportedly been talking with Limit’s advisers at Hong Kong & Shanghai Bank, hoping to convince them to recommend QBE’s proposal.

Limit management has so far refused to comment on the new proposals, but has indicated that it won’t make any decision at this time, perhaps in anticipation of further developments.

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