Resolution, the financial services consolidator led by Clive Cowdery, has confirmed it is considering a possible offer for Friends Provident, although the insurer rejected its initial proposals.
After press speculation over the weekend, The Board of Resolution confirmed this morning it is considering a possible offer for the entire issued (and to be issued) share capital of Friends Provident. These initial proposals have not been accepted by Friends Provident’s Board but Resolution said it received constructive feedback and is now considering its response. According to reports in the Telegraph, Friends Provident is believed to have concerns about Resolution's complex governance structure as well as the large profit share which could be reaped by Cowdery and his colleagues. ...
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