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’JC Blumen
At last, Christopher Flowers has found a European financial house that wants to play private equity — Germany’s Hypo Real Estate. News leaked out on Wednesday, seemingly via Reuters, that JC Flowers was set to take a 25 per cent stake in Hypo,
JC Flowers in ultimatum to Friends
JC Flowers was on Monday preparing to walk away from its siege of Friends Provident after delivering an ultimatum to the troubled life assurer to enter into talks over its £3.5bn proposed offer. The US buy-out group,
JC Flowers could abandon Friends
JC Flowers could abandon its pursuit of Friends Provident before an end-April deadline to make an offer or walk away, if the embattled life assurer refuses to enter talks with the US buy-out group. JC Flowers has proposed a £3.5bn cash offer for Friends and has called for negotiations with its board.
JC Flowers piles pressure on Friends
JC Flowers will step up pressure on Friends Provident by appealing to its shareholders after again requesting talks with the embattled life assurer, and declaring it had funding in place for a £3.5bn cash bid.
Flowers seeks Code carve-out for Friends bid
After being swiftly dispatched by its quarry last week, JC Flowers is back.
On Monday, Flowers asked for “direct engagement” with Friends Provident and access to certain “non-public information” to carry out due diligence. Pressure has been growing on Friends to get to the negotiating table after the insurer spurned a £3.5bn,
Weekend catch-up: From Flowers to Bear
Flowers works on sweetened Friends big
US buyout firm JC Flowers is working on a sweetened bid worth around £3.5bn ($7bn) for UK insurer Friends Provident, worth about 155p-160p a share, after Friends said March 31 it had spurned an indicative proposal worth 150p a share,
Widows backs Friends’ over Flowers
Friends Provident, the embattled UK life assurer, has secured the support of Scottish Widows, its biggest shareholder, in rebuffing a £3.5bn takeover approach from JC Flowers. The support of Widows, which holds 6.5-7% of Friends,
Shareholders urge Friends to talk
Friends Provident is coming under increasing pressure from shareholders to talk to JC Flowers after the embattled UK life assurer rejected its £3.5bn takeover approach and refused to negotiate with the US buy-out group.
No Friends for Flowers, as yet
It’s back to an increasingly tired-looking drawing board for the ceaselessly energetic Chris Flowers, as UK insurer Friends Provident said on Monday it had rejected a £3.5bn cash takeover proposal from his buyout firm JC Flowers because it “significantly undervalues”
Weekend catch-up
In case you missed these stories:
US Treasury to launch regulatory shake-up
The US Treasury department is planning to unveil on Monday a series of recommendations that would radically reshape the regulation of the US financial services industry,
Flowers to revise Friends offer
JC Flowers is working on a fresh approach to Friends Provident, as the embattled UK life assurer moves closer to calling on regulators to force the US buy-out group to clarify its intentions. JC Flowers is working on a new letter to Friends after its chairman,
Flowers and Friends seek talks
JC Flowers is seeking a meeting with Friends Provident, after the embattled life assurer demanded to know whether the US buy-out firm was going to make a takeover bid. The demand came as Friends, which has recruited Trevor Matthews from Standard Life to be its chief executive,
No clarity as yet for Friends
It didn’t feature, formally, in Friends Provident’s messy year-end figures, but the embattled British insurer really would like buyout group JC Flowers to come clean on whether or not it intends to launch a bid.
Express: JC Flowers moves on Friends
Private equity group JC Flowers is gearing up to launch a £3.5bn offer for British life insurer Friends Provident which could come as early as this week, reports Reuters, citing the Sunday Express. The US buy-out group is said to be waiting for Friends to unveiled its annual results on Tuesday before showing its hand.
With Friends like these…
The likelihood that Friends Provident, the embattled UK life assurer, could fall into the hands of a predator increased Thursday after its shares plunged more than 10% following a strategic review and announcement of more than £400m of charges.
Standard Life’s Matthews joins Friends
Trevor Matthews, the highly regarded head of Standard Life’s UK retail division, is set to be appointed as the new chief executive of Friends Provident, after resigning from Standard Life. Matthews’ resignation comes despite earlier indications that he was set to stay at Standard Life,
Swiss Re eyes Friends Provident
Swiss Re, the world’s largest reinsurance group, looked set Monday night to muscle in on US buy-out group JC Flowers’ attempt to pursue a possible bid for troubled life insurance group Friends Provident,
JC Flowers considers £4bn bid for Friends
JC Flowers, the US buy-out group run by ex-Goldman Sachs banker Christopher Flowers, is considering a £4bn bid for Friends Provident after amassing a stake of almost 2% in the troubled life assurer, say people close to the situation.
FSA to probe Resolution Life takeover
The UK’s Financial Services Authority is in the throes of an investigation into the recent takeover of Resolution Life, seeking to determine whether individuals involved in the contest leaked market-sensitive information,
Friends Provident ousts chief executive
Philip Moore on Wednesday quit as chief executive of Friends Provident, as the UK life assurer announced a strategic review following last month’s collapse of its proposed merger with rival Resolution.
‘Zombie’ battle gets nasty
The battle for the so-called zombie life funds turned nasty as Standard Life retaliated to an attack by Hugh Osmond’s Pearl, which is bidding against it for Resolution. Standard blasted a statement from rival bidder Pearl – which took aim at Standard’s £4.92bn cash and shares offer for Resolution – as “self-serving and potentially misleading”.
Resolution deadline approaches
Any approach for Resolution from Standard Life looks set to go to the wire as Resolution and its arch-rival Hugh Osmond clashed over a proposed £2bn capital return from the group to be created from Resolution and Friends Provident.
Friends and Resolution go hawking for votes
Friends and Resolution, the troubled merger pair, are once again humming the same tune. The two have looked somewhat in discord over the past week. First Resolution chairman Clive Cowdery said that a “very compelling offer”
Panel cracks whip in Resolution race
It’s officially a three horse, consortium race now – and the Takeover Panel is the pace setter.
The Panel on Monday afternoon ceded to a request from Resolution’s advisers to flush out the possible bidders circling it – who are threatening to derail its agreed merger with Friends Provident.
Resolution rejects Osmond bid
The board of UK insurer Resolution Life on Wednesday rejected a £4.5bn approach from Hugh Osmond’s Pearl group. Osmond’s 660p-a-share cash offer for Resolution was below the current share price of 680p and was conditional on a recommendation from the board,
Little resolve evident with Pearl’s bleating
Boo hoo – the price is too high. Or words to that effect from Pearl on Friday.
The would-be acquirer of closed life fund consolidator Resolution is not happy. In aiming to break up the merger between Resolution and Friends Provident,
Pearl to underbid rival for Resolution
Pearl Assurance, the closed life-fund company headed by entrepreneur Hugh Osmond, is preparing an all-cash offer for its main rival, Resolution, and is expected to pitch its bid below the life company’s Wednesday share price.
StanLife poised to wreck Resolution plans
Standard Life said Wednesday it might gatecrash the proposed merger between rival UK insurers Resolution and Friends Provident. Standard Life, long suspected of being a potential deal-buster, said it was “considering” the possibility of a cash and shares counter-offer for Resolution,