Woodford Cashes in Amlin Stake After Record Takeover Offer

  • Fund manager sells $166 million holding in Lloyd's insurer
  • Amlin reached record in London after takeover by Japan's MS&AD

Neil Woodford sold his entire 107.5 million-pound ($166 million) stake in Amlin Plc after Tuesday’s takeover offer by a Japanese competitor sent the Lloyd’s of London insurer’s shares to a record high.

The fund manager sold 16.4 million Amlin shares after MS&AD Insurance Group Holdings Inc. agreed earlier this week to pay $5.3 billion for the U.K. insurer. Woodford Investment Management sold the holding over two days, regulatory filings show.

Woodford also owns shares in Hiscox Ltd., Beazley Plc and Lancashire Holdings Ltd. in his 6.74 billion-pound Equity Income Fund. All three stocks have been named by analysts as takeover targets after MS&AD paid the highest book value multiple for Amlin of any Lloyd’s insurer.

Amlin has climbed 33 percent in London trading this week and was up 0.2 percent to 655.5 pence at 9:13 a.m. in London. A spokesman for Woodford, which oversees about 11 billion pounds of assets, said the sale was related to the takeover.

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