This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

Phoenix Group terminates talks with private equity firm

  • Print
  • Comments (2)

Phoenix Group has terminated takeover talks with private equity firm CVC.

In a statement to the stockmarket this morning, the closed life firm says it is not in acquisition discussions with any other firm.

Phoenix announced in November that it was is in early stage discussions with CVC over a possible £1bn takeover. It had previously been in talks with Clive Cowdrey’s consolidation vehicle Resolution.

Phoenix Group chief executive Clive Bannister says: “Whilst the board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value of Phoenix and its stable, long-term cash flows.

“As a result, we have mutually decided to terminate these discussions. Phoenix continues to focus fully on our business, customers, shareholders and staff to maximise the potential of our powerful consolidation platform.”

  • Print
  • Comments (2)

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Readers' comments (2)

  • Fine words Mr Bannister, but the reality is different. The disgraceful way you treat your 'customers' is, in my experience, the worst in the industry. Payments not made, guarantees not honoured, writing to clients 'Dear Mr ..... Deceased and Mrs ...' , inordinate delays, appalling investment performance - the list goes on. Be honest, your company exists SOLELY to derive maximum returns from the unfortunate policyholders who fall within your grasp, and you will apply the minimum resources to achieve this objective.

    Unsuitable or offensive? Report this comment

  • 100% correct Neil (Duthie) absolute disgrace, continually not acting on clients instructions, sending personal information to wrong people, delaying release of funds the list DOES go on.....Your view of cash flows may look good on the boardroom table but that's no measure of client satisfaction.

    Unsuitable or offensive? Report this comment

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


How do you plan to vote at the general election?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments