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Wood gives up on Cox

It looks as if Direct Line founder Peter Wood has thrown in the towel in his bid to buy Cox Insurance. He says that the company's refusal to give him access to information had left him “unable to move forward” after his recent bid valuing the company at around £250m was rejected.

Mr Wood, the chairman of Esure, the general insurance arm of Halifax Bank of Scotland which has a 1.3 per cent share in Cox, said: “While I continue to believe that the proposed management buy-out represents a potentially attractive proposition for Cox's shareholders, I remain disappointed by the refusal of the board to provide access to the information that has been requested.

“I am therefore unwilling to pursue this matter further unless the board of Cox reconsiders.”

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