Resolution rejects second 'improved' Pearl bid

The Hugh Osmond led company lodged the offer earlier this afternoon, an improvement on its rejected 660p per share bid made on 9 October. But Resolution knocked back the bid, saying it "significantly undervalues Resolution and its prospects as part of Friends Financial Group". "All potential bidders are well aware we will only be diverted from the merger by a compelling offer for Resolution,” chairman Clive Cowdery says. "This second offer from Pearl below our share price falls a long way short of the value of the merger." Resolution says the offer is at a 2.3% discount on its 707p clos...