Pearl's £4.98bn acquisition of Resolution has been delayed while the Hugh Osmond-led group obtains updated financial information on the Glasgow-based insurer in light of the "exceptional recent volatility of financial markets".
In a statement to the stock exchange just moments ago, the groups say they are working closely together to ensure Pearl can submit its revised FSA change of control application as soon as possible, perhaps even as soon as next week.
Earlier this week Pearl announced it needed more time revising the application, which could delay the planned 720p per-share deal a further three months.
“Pearl's original change of control application to the Financial Services Authority was based on the information available to Pearl prior to Resolution's recommendation of the Pearl offer on 16 November 2007,” the statement reads.
“In the light of the exceptional recent volatility of financial markets, Pearl has sought further detailed and updated information on Resolution's financial position.
“Resolution and Pearl confirm their commitment to the acquisition and expect that the current period of uncertainty for Resolution investors and policyholders will be brought to an end quickly and positively in a manner that satisfies all stakeholders.”
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