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11/08/2009
Resolution Takeover Friends Provident For £1.86bn
UK-listed life and pensions company, Friends Provident, has agreed to be taken over by investment firm, Resolution, for £1.86 billion in cash and shares.
Friends Provident had previously turned down an offer in July made by Resolution, however the board believes that a revised proposal has been "sufficiently improved".
The agreement was recommended to shareholders and values Friends Provident shares at 79.4 pence each, but there will be an alternative for the first 2,500 shares held by investors.
Around 700,000 smaller shareholders will get a substantial cash payout.
Chief Executive Officer of Friends Provident, Trevor Matthews, said: "We are excited by the prospects for our business as the foundation for Resolution's consolidation and restructuring strategy for the open businesses in the Life and Asset Management sectors. Resolution is supportive of our current strategy and turnaround plan.
"We sum up our existing organic growth strategy in just four words: 'Fix UK, Build International'. To this end, we have secured our targeted cost savings and have created an efficient platform capable of handling significant new business volumes making us an attractive distribution partner both in the UK and overseas."
(CD/BMcc)
Friends Provident had previously turned down an offer in July made by Resolution, however the board believes that a revised proposal has been "sufficiently improved".
The agreement was recommended to shareholders and values Friends Provident shares at 79.4 pence each, but there will be an alternative for the first 2,500 shares held by investors.
Around 700,000 smaller shareholders will get a substantial cash payout.
Chief Executive Officer of Friends Provident, Trevor Matthews, said: "We are excited by the prospects for our business as the foundation for Resolution's consolidation and restructuring strategy for the open businesses in the Life and Asset Management sectors. Resolution is supportive of our current strategy and turnaround plan.
"We sum up our existing organic growth strategy in just four words: 'Fix UK, Build International'. To this end, we have secured our targeted cost savings and have created an efficient platform capable of handling significant new business volumes making us an attractive distribution partner both in the UK and overseas."
(CD/BMcc)
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