Resolution tempts Friends Prov with fresh offer

clock

Clive Cowdery's consolidation vehicle Resolution returned to the negotiating table with a sweetened offer for Friends Provident this morning.

The company said in a stock exchange statement it would be prepared to offer a cash component for the first 2,500 Friends Provident shares and issue Resolution shares in exchange for the remaining shares in the insurer. It says the cash part of the possible offer would allow the majority of Friends' small shareholders to exit in cash in full. It would also pay an annual dividend to the insurer's shareholders in respect of 2009. On Friday, Friends Provident sent a letter to the chairman of Resolution setting out its proposed structure for a possible combination of the two groups. Th...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

The return of redundancy cover – and why it's important

The return of redundancy cover – and why it's important

Standalone unemployment insurance is making a comeback

Kesh Thukaram
clock 02 April 2025 • 3 min read
PDG responds to FCA Pure Protection Market Study update

PDG responds to FCA Pure Protection Market Study update

Expanded terms of reference

Cameron Roberts
clock 31 March 2025 • 2 min read
FCA: Protection commission ban is potential 'extreme' market study outcome

FCA: Protection commission ban is potential 'extreme' market study outcome

FCA: 'We're going into this with an open mind'

Jaskeet Briah
clock 28 March 2025 • 3 min read