RESOLUTION AND FRIENDS Provident, the UK insurers that are working on an £8bn merger of equals, are bracing themselves for a private equity buyer to try to break up their agreed deal, The Times reports.
Speculation mounted yesterday that JC Flowers, the American private investment firm, planned to combine with an overseas trade buyer to thwart the merger. Friends Provident and Resolution confirmed yesterday that they were in advanced merger talks, fuelling expectation of a fresh private equity bid. A senior source in the insurance market said: “Private equity has got to have a look at this. They can’t not. It would be a no-brainer.” THE DIRECTORS OF the UK Balanced Property Trust vindicated their decision to fight off a proposal to liquidate the fund yesterday, as they announced they ha...
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