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Friends Provident accepts GBP1.86bn takeover by Resolution.
(From Guardian Unlimited)
Friends Provident has accepted a GBP1.86bn takeover offer from Clive Cowdery's Resolution, ending its initial opposition to the deal.
The insurer was forced back to the negotiating table by large shareholders with investments in both firms who were keen to see the takeover. One analyst said the Friends Provident management had "misjudged" the mood among its own investors by refusing to countenance a deal.
Today Friends Provident directors said the takeover, worth 79.4p a share, was in the best interest of shareholders and unanimously recommended acceptance. The terms are 0.9 Resolution shares for each Friends Provident share, up …
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