Friends Provident Group PLC has rejected a revised proposal by Resolution Ltd to acquire the pensions and life insurance group and has terminated discussions as it sees no basis for further engagement with Resolution.
In a statement, it said that following a period of engagement, Friends received a revised proposal from Resolution yesterday, but the terms and structure remained wholly inadequate.
The proposal involved Resolution acquiring Friends for 0.82 of a Resolution share for each Friends share, valuing the group at 74.6p a share at Friday's closing price. The proposal included a cash element of £500 million.
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