Pearl Group has called on Standard Life to show its hand after announcing it will block the insurer's current offer for Resolution.
The Hugh Osmond led Pearl, which owns 24.18% of Resolution, says it will vote against Standard Life’s current 517p in cash and 0.715 SL share per Resolution share offer. Last night Standard Life was reprimanded by the Takeover Panel for hinting it may change the terms of its offer in a bid to bypass the 75% shareholder approval level needed. Pearl, which has lodged a 720p per share offer for Resoultion, wants Standard Life to “clarify immediately for all Resolution shareholders whether or not it will restructure its offer, and if so how”. “Because of the size of Pearl’s holding in Res...
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