Resolution has said it could restructure the deal with Friends Provident to stop life insurer Pearl ...
Resolution has said it could restructure the deal with Friends Provident to stop life insurer Pearl blocking it. Under the current merger setup, Resolution needs 75 percent of shareholders to approve the deal, but if it is restructured as a takeover of Friends, that would drop to 50 percent. Pearl, which like Resolution specialises in consolidating closed life funds, says the merger with Friends does not maximise value for shareholders. If the deal between Resolution and Friends Provident falls through, it scuppers the proposed acquisition of Resolution Asset Management by F&C.
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