STANDARD LIFE ON Tuesday put a £5.5bn price on its head and revealed that it had already rebuffed a number of approaches, including one from Resolution Life, the specialist investor in life assurance funds which manages closed books of with-profits business, reports The Financial Times .
According to the paper, the life assurer is understood to have recently received an all-share merger proposal from Resolution. The mutual has also received an approach from another unidentified party seeking to acquire a significant stake, as well as tentative overtures from other unnamed suitors. The approaches were revealed in demutualisation documents sent out to the mutual’s 2.4m members, which said Standard Life could have a market capitalisation of £4.8bn to £5.5bn based on a price range of 240p-290p had the shares traded last week. Sandy Crombie, chief executive, said the overtur...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
