Resolution Life made clear on Monday its determination to drive through its agreed merger with Friends Provident, and its readiness to change the deal’s terms to see off a threat from rival Pearl Assurance. Clive Cowdery, Resolution chairman and founder, said he was prepared to cut the level of acceptances for the agreed merger from 75 per cent to 50 per cent. He said the deal, which would create an £8.5bn insurer, was good for shareholders, although he would consider other proposals. Hugh Osmond, head of Pearl, who has built a large stake in Resolution, last week said the deal did not fairly value Resolution. Pearl indicated on Monday it did not rule out making a bid for Resolution.

This entry was posted by Gwen Robinson on Tuesday, July 31st, 2007 at 5:52 and is filed under Capital markets, M&A, People. Tagged with Clive Cowdery, friends provident, hugh osmond, Pearl, resolution. Edit this entry.