Phoenix Group, the closed ended fund consolidator, is considering a takeover offer, believed to be around £1bn, from private equity firm CVC Capital Partners after a bid from rival Resolution fell through.
The Sunday Times had reported Resolution was close to clinching a £1.2bn all-share takeover of Phoenix, representing a 40% premium to its closing price on Friday. However, in a statement yesterday Clive Cowdery's Resolution said it had held talks with both Phoenix and its lending banks before deciding against going ahead with an offer. Resolution said: "As part of its UK Life Project, Resolution continually investigates a variety of bolt-on opportunities. Any acquisition must have a strong financial case and enhance returns to shareholders. The hurdle to executing any particular trans...
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