Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.
The deal, which values Friends at £1.86bn, will see Trevor Matthews continue in his role as chief executive of the insurer. Existing Friends shareholders will receive 0.9 new Resolution shares per Friends Provident share and a cash consideration of 79.5p for the first 2,500 shares held by each shareholder. Based on Resolution's 7 August closing share price of 88.25p, investors will receive the equivalent of 79.5p per Friends Provident share. Friends shareholders will receive an interim dividend of 1.3p per share prior to the acquisition. Last night, Friends Provident shares clos...
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