Brit Insurance Holdings, a U. K. based insurer and reinsurer, has declined the bid from New York based Apollo Global Management LLC, on account of significantly lower offer price.

Brit said in a statement, "The board has informed Apollo, after carefully listening to its major shareholders, an offer at this level (9GBP10.50) undervalues the company and, accordingly, would not represent a basis on which the board is prepared to engage with Apollo". He further added that the proposal will be considered, if it is good enough.

As per some sources, Apollo itself walked away from the talks as the Brit was not in favor to give Apollo the access to its books of accounts.

If the deal had been finalized, the Brit would be valued at GBP824.1 million, with around 78.49 million shares. There would be a hike of 44% in the value then.

Bin Cohen, a market analyst told that it is surprising that Brit did not accept the bid, even though, the price was not bad at all and he further added that walking away of Apollo can adversely affect the share price of Brit in future.

However, it is being thought that Brit based its asset valuation on NAV of 2010, which is estimated to be around £11.25 a share or £11 after discounting the share options.

According to Brit, its net asset value is around £820m, equivalent to £10.52 a share, which does not goes well with the offer made.