Standard Life makes formal Resolution offer

The Clive Cowdery led company this afternoon confirmed it is in receipt of the bid, but it stated “no decision has been taken by the Resolution board in respect of this proposal”. Standard Life is understood to be after Resolution's new business, distribution and asset management divisions, while Swiss Re would acquire the closed-life funds. The move comes on the Takeover Panel’s deadline day for Resolution offers, which calls for any prospective party to make a move before 5pm. Resolution major shareholder Pearl made an unsuccessful 691p per share offer for the company last Friday and...