Pearl Group has increased its stake in Resolution to 16.47% from 15.8% previously.
The increase takes it a step closer to the 25% it would need to block Resolution’s planned merger with Friends Provident which would require 75% shareholder approval to go through.
Pearl is against the deal as it believes it would offer less value to shareholders than alternative opportunities.
It could still be thwarted by Resolution if the group decides to mount a take over, rather than a merger, of Friends Provident. This would only require approval from 50% of shareholders forcing Pearl to more than double its stake for a challenge to be successful.IFAonline
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