Monday August 10, 09:42 AM
British insurer enters takeover talks
LONDON (AFP) - British insurer Friends Provident on Monday said it would enter takeover talks after receiving an offer valuing the company at about 1.85 billion pounds (2.17 billion euros, 3.09 billion dollars).
The move comes amid a tentative recovery for major insurance companies, which have been hard hit by the global economic crisis and have put in place painful cost-cutting programmes including massive job cuts.
Friends Provident had rejected a previous offer by investment company Resolution in July, which was worth less than the current bid and had objected to Resolution's wish to assign some management to a third party.
The insurer had also proposed a takeover bid of its own for Resolution.
"The Board of Friends Provident believes that this revised proposal has been sufficiently improved to justify entering into discussions with Resolution with a view to recommending its proposal," the company said in a statement.
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