JC Flowers has formally withdrawn its £3.5bn offer for Friends Provident.
The private equity firm just minutes ago announced it has walked away from the deal after failing to engage in discussions with the insurer. Earlier this week Flowers gave Friends Provident a deadline of today to meet and discuss the proposed deal or it would walk away. But Friends Provident did not waiver from its view the Flowers 150p per share bid “significantly undervalues” the insurer. Under Takeover Panel rules, JC Flowers can not lodge another offer for Friends for six months unless there is a "material change of circumstances". To comment on this story, contact: Hysni Kaso Rep...
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