Phoenix Group confirms CVC approach
by Gill Montia
Story link: Phoenix Group confirms CVC approach
Phoenix Group has confirmed that discussions with Resolution Limited concerning a possible merger have now terminated.
However, the closed life fund consolidator says it has also received certain other approaches concerning potential offers, including one from CVC Capital Partners.
Commenting on the approaches, Phoenix chairman, Ron Sandler, says: “The Board believes that Phoenix is in a strong position to deliver substantial value and has a compelling business model.”
He adds: “Naturally, the Board is obliged to evaluate any proposals that are received, and will update shareholders as appropriate.”
The group currently has £68.5 billion assets under management and more that six million policyholders.
According to reports, an offer from CVC could be in the region of £1.2 billion.