Resolution rejects second 'improved' Pearl bid

clock

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 clos...

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 Your profession

PA Asks: Has demand for IHT mitigation risen at your firm?

PA Asks: Has demand for IHT mitigation risen at your firm?

This week’s poll also looks at the role of MPS and paperless operations

Professional Adviser
clock 25 March 2024 • 1 min read
FCA urged to prioritise a 'common sense' approach

FCA urged to prioritise a 'common sense' approach

Last week’s PA Asks poll highlights industry’s thoughts on the FCA

Sahar Nazir
clock 25 March 2024 • 2 min read
Advisers overlooking younger clients over asset value bias

Advisers overlooking younger clients over asset value bias

'Young people need to have access to trusted advice'

Sahar Nazir
clock 22 March 2024 • 1 min read