Standard Life is pulling out all the stops in its bid to snatch Resolution from the rival Pearl Group.
Pearl has continued its assault on Standard Life, claiming it has launched a "dilutive, value destructive bid".
Pearl Group has called on Standard Life to show its hand after announcing it will block the insurer's current offer for Resolution.
The Hugh Osmond led Pearl Group is having "difficulty understanding" why Resolution has not recommended its cash offer to shareholders.
Standard Life may change the structure of its Resolution takeover to thwart moves by Pearl, which now owns 24% of the target.
Pearl has launched a late fightback to assume control of Resolution, tabling a 720p per share offer.
Pearl has condemned Standard Life's offer for Resolution saying it does not offer ‘compelling value' for shareholders.
Resolution has requested a 24 hour extension on the 'put up or shut up' deadline for Standard Life and Pearl.
Resolution is mulling over a formal Standard Life offer of 517p and 0.715 SL shares for each Resolution share.
Pearl Group has attacked Resolution's proposed £1bn capital return plan, saying it is not in the best interests of shareholders.