JC Flowers intends to formally withdraw its 150p per share offer for Friends Provident this Friday should the insurer not meet the private equity firm.
In a statement to the stock exchange just minutes ago, JC Flowers says it has made “several attempts” to engage the Friends Provident board over numerous months, but the insurer is not willing to discuss the deal.
Last month Friends Provident knocked back Flowers’ £3.5bn proposal, saying it “significantly undervalues” the insurer and its prospects.
“JC Flowers wishes to confirm that it does not intend to increase the terms of its proposal above 150 pence per share,” the statement reads.
“Furthermore, in the event that the board of Friends Provident does not enter into discussions with JC Flowers prior to the close of business on Friday 18 April, it is JC Flowers’ intention to formally withdraw its proposal.”
Earlier this month the Takeover Panel announced JC Flowers has until 30 April to declare a “firm intention” to bid for Friends Provident or walk away.
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