Pearl has condemned Standard Life's offer for Resolution saying it does not offer ‘compelling value' for shareholders.
The Standard Life offer, made yesterday, consists of 517 pence in cash and 0.715 Standard Life shares for each Resolution share. Standard Life hopes to halt a proposed merger between Resolution and Friends Provident and has until noon today to make a firm offer for Resolution after the UK Takeover Panel extended yesterday’s deadline. However, Pearl, which holds around 16% of Resolution and made its own failed bid of 691p per share for the group earlier this month, wants the offer rejected. In a statement, Peal says it notes the proposal from Standard Life would contain a large elem...
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