Resolution planning takeover to thwart Pearl

The move would mean only 50% of shareholder approval would be needed, not 75% under merger terms. It comes in response to Pearl Assurance's continued purchase of Resolution shares last week. Pearl now has 108,727,995 ordinary shares, or 15.85%, of Resolution issued share capital through a direct stake and forward purchase. In a statement released today, the Resolution board says: “Under the merger agreement both of the parties have reserved the right in the event of an alternative proposal for the other party to elect to implement the merger by means of a takeover offer, such an offer to...