Resolution just minutes ago rejected an improved 691p per share cash takeover offer by Pearl Group.
The Hugh Osmond led company lodged the offer earlier this afternoon, an improvement on its rejected 660p per share bid made on 9 October.
But Resolution knocked back the bid, saying it "significantly undervalues Resolution and its prospects as part of Friends Financial Group".
"All potential bidders are well aware we will only be diverted from the merger by a compelling offer for Resolution,” chairman Clive Cowdery says.
"This second offer from Pearl below our share price falls a long way short of the value of the merger."
Resolution says the offer is at a 2.3% discount on its 707p closing price at 18 October.
The Takeover Panel deadline for Resolution offers is 5pm on 25 October, with the EGM to approve its proposed merger with Friends Provident scheduled for 5 November.
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