Friends Provident rejects takeover
Investment company Resolution said that insurer Friends Provident has brushed off its takeover advances.
Despite the initial rejection, the firm said it remained interested in making an offer for Friends.
Resolution is an investment firm set up by insurance tycoon Clive Cowdery to buy up under-performing financial services firms.
The firm said any offer it did put forward was likely to be mainly a share exchange, but with a partial cash element for Friends shareholders.
"Although Resolution's proposal was not considered to be acceptable by the board of Friends Provident, Resolution received constructive feedback from Friends Provident and its advisers and is considering its response," the firm said.
