Friends Prov terminates deal as Resolution backs Standard Life

Today, Standard Life lodged a final prospective bid of 517p in cash and 0.715 new Standard Life shares per Resolution share which has been backed by Resolution's board. "We believe this transaction represents an attractive balance for Resolution shareholders, who will receive a substantial proportion of their investment in cash while retaining an equity interest in the value expected to be delivered from the enlarged group,” Resolution chairman Clive Cowdery says. “The board of Resolution, therefore, unanimously recommends Standard Life's offer." Standard Life will retain most Resolution...