Resolution has knocked back Pearl Assurance's 660p per share cash takeover offer.
The two groups confirmed they met yesterday to discuss the deal, which Resolution spurned in the last hour. “Resolution believes that the proposal significantly undervalues Resolution and its prospects as part of Friends Financial Group plc and therefore has rejected it,” it says in a statement. “The Extraordinary General Meeting to approve Resolution’s recommended merger with Friends Provident plc to create Friends Financial will be held on 5 November 2007. “The board of Resolution believes that the agreed merger with Friends Provident will create significant value for Resolution’s shar...
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