|
|
Article: Friends Provident agrees to Resolution takeover
- Article from:
- AP Online
- Article date:
- August 11, 2009
CopyrightCopyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
|
British insurance and pensions provider Friends Provident PLC on Tuesday agreed to a 1.86 billion pound ($3.06 billion) offer from buyout firm Resolution Ltd.
The deal was recommended to shareholders and values Friends Provident shares at 79.4 pence ($1.30) each. A cash alternative for the first 2,500 shares held by investors will be offered, benefiting around 700,000 smaller shareholders in the business.
Friends chairman Adrian Montague said the "transaction offers shareholders the choice of an attractive premium on exit or the opportunity to be part of Resolution's first financial services restructuring project."
The deal represents the first step in a ...