JC Flowers submitted a proposal for 150 pence per share earlier this month but the offer was rejected outright by the board of Friends Provident which said it undervalued the company.
The US private equity firm said it would welcome the opportunity to enter into discussions with the Board of Friends Provident but the life insurer declined.
A statement released today says: “Despite several attempts by JC Flowers to engage the Board of Friends Provident in discussions over several months, Friends Provident has not been willing to do so.
“JC Flowers wishes to confirm that it does not intend to increase the terms of
its proposal above 150 pence per share. Furthermore, in the event that the
Board of Friends Provident does not enter into discussions with JC Flowers
prior to the close of business on Friday 18 April, it is JC Flowers’ intention
to formally withdraw its proposal.”
But JC Flowers says it reserves the right to increase the level of any offer it makes above 150p per share in the event that a third party makes an offer at the same price or at a higher price.