Friends Provident has once again entered discussions with Resolution Limited after receiving a "sufficiently improved" bid from the Clive Cowdery-led acquisition vehicle.
Resolution has proposed an exchange ratio of 0.9 new Resolution shares for each Friends share. The deal also includes a partial cash alternative, subject to the maximum cash available not exceeding £500m.
"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," Friends says.
"Prior to the receipt of this proposal Resolution had completed a period of due diligence.
"While discussions are ongoing, there can be no certainty that any offer will result nor as to the terms on which any offer might be made."
