Brit says £10.50 a share not enough

US private equity firm Apollo has told Brit Insurance it may be prepared to up its £10 a share bid by 50p, but the underwriter thinks this still undervalues the business.“Apollo may be prepared to table a revised indicative proposal to acquire the entire issued and to be issued share capital of the company at £10.50 per share in cash,” Brit said in a statement.After talking with its major shareholders, bosses have told Apollo that an offer at this level undervalues the company, so “would not represent a basis on which the board is prepared to engage with Apollo”. Any new indicative proposal would be subject to a number of pre-conditions, including due diligence and a recommendation from the board.But Brit says it “remains open to engaging” if Apollo comes back with something better.