Standard Life

Pearl Group has called on Standard Life to show its hand after announcing it will block the insurer's current offer for Resolution.

The Takeover Panel has reportedly reprimanded Standard Life for breaching takeover rules in its announcements regarding a possible 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.

Standard Life's sales through channels other than IFAs rose to 41% in the third quarter up from 26% in 2006, according to the group's interim results.

Pearl has launched a late fightback to assume control of Resolution, tabling a 720p per share offer.

The Resolution board has unanimously recommended the Standard Life takeover offer, ending its proposed merger with Friends Provident.

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.