Resolution rivals Pearl and Standard Life were told today: Make a firm offer by 5pm on 25 October or walk away.
The Takeover Panel this afternoon announced both companies would be banned from launching another takeover attempt for six months, should they decide not to bid.
The news comes after Swiss Re confirmed it is in talks with Standard Life over the possibility of purchasing certain Resolution closed-book life business.
It says the discussions are consistent with the company’s strategy to “seek attractive opportunities” to expand its Admin Re business.
“No binding commitments have yet been entered into regarding the terms of such a transaction, and consequently there can be no assurance that Swiss Re will participate in any such transaction or otherwise participate in any offer for Resolution, or as to the terms of any such transaction,” the company’s statement to the stock exchange reads.
“Should a transaction take place, Swiss Re will acquire for a fixed price to be agreed certain books of business currently owned by Resolution.”
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