Friends Provident has ended discussions with Resolution after rejecting yet another takeover proposal by the Clive Cowdery-led group.
The Friends board rejected yesterday's offer by Resolution, calling the terms and structure of the deal "remain wholly inadequate". Resolution proposed acquiring Friends for 0.82 of a Resolution share for each Friends share, plus a £500m cash element. The deal valued Friends at 74.6p a share at Friday's closing price. Following rejection of the deal, the Friends Provident board says it "sees no basis for further engagement" with Resolution and has terminated discussions. Friends Provident shares are currently 0.54% lower to 70.40p this morning.
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