Shareholders in Friends Provident are expected to urge the group to return to takeover talks with Resolution after the insurer roundly rejected its latest proposal, reports The Times.
Friends shareholders, many of whom also own large stakes in Resolution, Clive Cowdery's acquisitions vehicle, were confident yesterday that an agreed deal between the two companies was in sight. One leading investor, who holds substantial stakes in both groups, said: "Friends shareholders want this deal to happen." Another said: "There is a certain inevitability that we are going to get a deal. There is goodwill on both sides. Resolution's latest proposal is a good basis for discussion." Friends rejected Resolution's second takeover proposal, delivered yesterday, citing "totally inapp...
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