Australia's PSC Insurance says in buyout talks (updated)

PSC Insurance

13/03/2024 06:19

(Adds details from paragraph 2 onwards)
       March 13 (Reuters) - Australia's PSC Insurance  PSI.AX 
said on Wednesday it is in talks regarding a possible buyout
after being approached by multiple parties, confirming a local
media report.
    The Australian Financial Review (AFR) reported on Tuesday
that the insurer has held informal discussions with at least two
offshore brokers and hired Goldman Sachs to handle preliminary
talks.
    The AFR reported, citing sources, that "PSC's would-be dance
partners" were U.S.-based Arthur J. Gallagher  AJG.N  and the
UK's Ardonagh Group, which are both prolific deal-makers in
Australia.
    However, PSC, which has a market value of about A$1.88
billion ($1.24 billion), did not disclose any details about the
parties or a deal value in its statement.
    Arthur J. Gallagher and Ardonagh did not immediately respond
to a Reuters' email for comment.
    PSC said it was uncertain if the talks, which are subject to
due diligence and negotiation, would lead to a buyout offer.
 
 ($1 = 1.5124 Australian dollars)

 (Reporting by Echha Jain in Bengaluru; Editing by Savio
D'Souza)
 ((Echha.Jain@thomsonreuters.com;))