Market looks for Novae counterbid

Novae finally looks set to exit the public markets after years of
speculation, but questions remain over whether the
700-pence-per-share recommended bid from Axis could encourage other
would-be acquirers to lodge a counter offer.
The 1.5x multiple that Axis CEO Albert Benchimol has agreed to
pay looks compelling and the prospect of spending more will at
least give any interested parties pause for thought.
Making profits from Lloyd's businesses is tough at the
moment, with acquisition costs eye-w