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Friends Prov hits back at Pearl comments

Friends Provident has hit back at statements from Pearl saying its comments provided a distorted view and fail to recognise Friends Provident’s financial strength.

Last month, Pearl announced it was still interested in making an offer for Resolution but said the merger with Friends Provident would not create the best value for shareholders and will expose them to significant risks.

Resolution rejected the takeover bid from Pearl of 660p per share on October 10 suggesting it significantly undervalues the provider and its prospects as part of Friends Financial Group.

Friends Provident released a statement on the Pearl comments today saying: “The Friends Provident Board believes that these comments provide a distorted view and fail to recognise Friends Provident’s excellent new business track record and the strength of future growth prospects.

“The Board remains fully committed to the merger with Resolution based on its view that the combination will deliver material benefits to the shareholders of both companies.”

Friends Provident says it is in a sound financial position and does not need to issue new equity to fund its growth plans.

Friends Provident group chief executive Philip Moore says: “We are fully committed to the merger with Resolution. Furthermore, we believe that it represents a unique opportunity for both sets of shareholders to benefit
from the combination of two exceptionally complementary businesses.”


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