Friends resumes Resolution talks on 'sufficiently improved' bid

Friends Provident has once again entered discussions with Resolution Limited after receiving a "sufficiently improved" bid from the Clive Cowdery-led acquisition vehicle.

Resolution has proposed an exchange ratio of 0.9 new Resolution shares for each Friends share. The deal also includes a partial cash alternative, subject to the maximum cash available not exceeding £500m. "The board of Friends Provident believes that this revised proposal has been sufficiently improved to justify entering into discussions with Resolution with a view to recommending its proposal," Friends says. "Prior to the receipt of this proposal Resolution had completed a period of due diligence. "While discussions are ongoing, there can be no certainty that any offer will resul...