Clive Cowdrey’s consolidation vehicle Resolution has ended takeover discussions with Phoenix Group, the business he sold to Hugh Osmond in 2008.
In a statement to the stockmarket, Phoenix Group confirms possible takeover discussions have ended but it continues to be in talks with private equity firm CVC capital regarding a possible acquisition.
Resolution and Phoenix were both forced to make stockmarket announcements following an article in The Sunday Times suggesting that Resolution had made a £1.2bn bid for Phoenix Group, valuing the firm at a 40 per cent premium to its current stockmarket price.
Phoenix chairman Ron Sandler says: “The board believes that Phoenix is in a strong position to deliver substantial value and has a compelling business model. Naturally, the Board is obliged to evaluate any proposals that are received, and will update shareholders as appropriate.”