JC Flowers revises Friends Provident bid
by Gill Montia
Story link: JC Flowers revises Friends Provident bid
According to a report in The Sunday Times, JC Flowers is working on a revised takeover bid for Friends Provident.
Last week, the Takeover Panel intervened after the US private equity group’s informal offer of £3.5 billion was rejected by the life assurer.
Flowers now has until the end of this month to table a forma bid and has already been in conversation with a number of parties that may be interested in buying parts of the business.
Following last year’s failure of its merger negotiations with Resolution, the closed life consolidator, Friends has been undertaking a strategic review that has led to the auction of its Lombard division.
The business, which specialises in tax-efficient investment for high net worth individuals, has been up for sale since January.
Friends is also selling its Pantheon chain of financial advisers having only last week begun the process of contacting potential bidders.