Phoenix Group's proposed takeover offer from private equity firm CVC Capital Partners was well received by the market yesterday, with the firm's share price soaring.
Phoenix Group - the parent of Ignis Asset Management - saw its stock value rise 6.7%, or 32.9p, to 525p, giving it a market value of about £950m. Resolution, meanwhile, which on Sunday announced talks about a proposed takeover of Phoenix had collapsed, saw its share price decline 7.5%, or 18.7p, to 230p. In a statement to the market yesterday, Phoenix chairman Ron Sandler said: "The board is obliged to evaluate any proposals that are received, and will update shareholders as appropriate." The Sunday Times had reported Resolution was close to clinching a £1.2bn all-share takeover of...
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