Friends Provident and Resolution have altered the terms of their proposed merger to make it more lik...
Friends Provident and Resolution have altered the terms of their proposed merger to make it more likely to go through. The changes mean only 50% of Resolution and 75% of Friends Provident shareholders will have to approve to deal, reversing the original terms. This comes after Pearl, Resolution’s largest shareholder, said it may make a rival offer for the firm. Meanwhile, the Resolution board announced the groups’ life divisions would merge by November.
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