Friends Prov rejects £3.5bn JC Flowers offer

In a statement to the stock exchange this morning, Friends Provident says the proposal “significantly undervalues” the insurer and its prospects and did not warrant further discussions. Friends Provident says the proposed offer would have been reduced in the event it paid shareholders the 5.3p per share 2007 final dividend. “Friends Provident remains focused on the implementation of its strategic review announced on 31 January 2008 and will update shareholders on progress at the 2008 interim results,” the statement reads. Earlier this month Friends Provident told IFAonline it was not see...