Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.
Friends Provident has once again entered discussions with Resolution Limited after receiving a "sufficiently improved" bid from the Clive Cowdery-led acquisition vehicle.
Friends Provident has ended discussions with Resolution after rejecting yet another takeover proposal by the Clive Cowdery-led group.
Aviva and Prudential are the most likely to gain from consolidation in the UK life assurance industry, according to Deutsche Bank.
Friends Provident has ended discussions with Resolution after rejecting yet another takeover proposal by the Clive Cowdery-led group.
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 Provident has rejected a fresh offer for the insurer from Resolution, saying its proposals are "flawed in a number of significant ways".
Clive Cowdery's consolidation vehicle Resolution returned to the negotiating table with a sweetened offer for Friends Provident this morning.
Friends Provident has sent a letter to the chairman of Resolution Limited setting out its proposed structure for a possible combination of the two groups.
Resolution, the financial services consolidator led by Clive Cowdery, has confirmed it is considering a possible offer for Friends Provident, although the insurer rejected its initial proposals.