Phoenix Group terminates talks with private equity firm
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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.”
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Readers' comments (2)
Neil Duthie | 10 Feb 2012 9:06 am
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.
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Martin | 10 Feb 2012 9:51 am
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.
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