Resolution alters merger terms to stifle Pearl

The majority of Resolution shareholders now need to give the green light for the deal to go through, with 75% approval required from Friends Provident. When the merger was announced in July, Resolution required 75% approval and Friends Provident simply a majority. “The legal structure to implement the merger has been changed, moving to a court-sanctioned scheme of arrangement between Friends Provident and Friends Provident shareholders, rather than a scheme of arrangement between Resolution and Resolution shareholders, and, with the consent of the panel executive, the scheme of arrangem...