Friends Provident receives fresh approach from JC Flowers
Life assurer, Friends Provident, has received a fresh takeover approach from US private equity firm, JC Flowers.
Analysts are not expecting shareholders to support the £3.5 billion bid which at just under 160p a share, falls short of a proposed offer of 175p a share made by Flowers in February.
However, within the past three weeks Friends chairman, Sir Adrian Montague, has openly appealed to Flowers to enter negotiations and his board is expected to agree to meet with the firm and its advisers.
In January, Flowers acquired 2% of Friends’ shares and it is rumoured that the private equity firm has been in talks with HSBC about the possibility of the bank buying part of the business.
Flowers is also reported to have held talks with other parties about a possible sale of part of Friends’ UK business.
Once such party could be Pension Corporation, in which Flowers holds a 30% stake.
Category: Companies News, Insurance News
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