Friends Provident has rejected a fresh offer for the insurer from Resolution, saying its proposals are "flawed in a number of significant ways".
In a stock exchange announcement this evening, the company says key elements of Resolution's structure and governance, in particular the role of third party manager Resolution Operations, remain "totally inappropriate" and mean there can be no progress in its discussions. Clive Cowdery's consolidation vehicle this morning added a sweetener to its original offer for the insurance giant, announcing it would be prepared to offer a cash component for the first 2,500 Friends Provident shares and issue Resolution shares in exchange for any remaining shares in the insurer. But following a mee...
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