Clive Cowdery’s Resolution has launched its plan to restructure parts of the UK life and pensions industry with an all-share offer to take over Friends Provident, one of a handful of businesses likely to be targeted by the consolidation vehicle, the FT said. Both companies are likely to issue statements to the stock exchange on Monday and Friends is expected to rebuff the initial approach. According to a report in the Times, Mr Cowdery plans to bypass the Friends Provident board and take his £1.7bn bid directly to shareholders as he forges ahead with plans to create a super-sized insurer.

This entry was posted by Stacy-Marie Ishmael on Monday, July 13th, 2009 at 4:39 and is filed under Capital markets, M&A. Tagged with Clive Cowdery, friends provident, insurance, insurers, resolution. Edit this entry.