Resolution may have called an end to its talks with Phoenix Group, but the FTSE 250 company has assured that it has received a number of approaches from other parties, most notably private equity firm CVC Capital Partners.
Phoenix, which operates as the UK's largest specialist closed life fund operator, says it is continuing to consider whether CVC's approach my form the basis of an offer that is "appropriate" to recommend to its shareholders.
Chairman Ron Sandler said: "The board believes that Phoenix is in a strong position to deliver substantial value and has a compelling business model.Naturally, the board is obliged to evaluate any proposals that are received, and will update shareholders as appropriate."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As always in regards to potential offers and the like, the company warned that there can be certainty that any approach will lead to an offer being made.
FTSE 100 insurance titan Resolution announced on Monday that while it did investigate Phoenix and entered into talks with both the firm and its lending banks, the transaction was not deemed suitable.
BC
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
