Friends Provident has announced it has had a takeover approach from private equity group JC Flowers & Co UK. The offer price was 150p a share, though JC Flowers said this would be reduced in the event that Friends paid shareholders the 2007 final dividend of 5.3p a share.
At 11.30am today Friends’ shares were trading at 134p, up from around 120p last Friday, the day after the approach was made. However, Friends said the 150p offer significantly undervalues the company and dismissed it as not constituting a basis for discussion. Instead it has said it will continue implementing its strategic review announced in February, part of the scope of which was to set the international division, Friends Provident International, at the heart of the company. Separately, Friends Provident International has recently added two New Star funds to the range available through...
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