The insurance entrepreneur Sir Peter Wood is staying on as chairman of Esure and taking a £50 million bet on the future of the company he founded as it confirmed it had agreed to accept a £1.2 billion offer from Bain Capital, the private equity investor. Sir Peter is selling most of his 31 per cent stake, taking £310 million in cash, but in a deal exclusively arranged for him, will roll over £50 million of his investment into shares in the private holding company created to own Esure in future. Australian taxpayers will also take a punt on the business, whose brands include Sheilas’ Wheels, via the country’s sovereign wealth fund, the Future Fund, which is expected to own a stake of about 10
Wood has accepted a takeover bid priced at £ 2.80 ( $ 3.56 ) per share , valuing the company at £ 1.2bn , from Bain Capital . If the deal goes ahead , Sir David Wood , founder of the company and its largest shareholder , will remain as chairman and reinvest £ 50 m of his £ 100 m investment in the company .