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Resolution confirms Standard Life and Pearl are interested in the firm

Resolution has confirmed that Standard Life and Pearl Assurance expressed interest in the firm shortly after the announcement of its proposed merger with Friends Provident.

Resolution says it has made all due diligence material provided to Friends Provident available to Standard Life and Pearl but says it has not received an offer or proposal from either firm.

The closed-life buyout firm also says it has provided due diligence meetings and access to Resolution’s management to both firms over several weeks.

A statement released this afternoon says: “Resolution confirms that it is not in receipt of an offer or proposal from either Standard Life or Pearl and has not held discussions to develop the terms of such an offer or proposal which either party may wish to put to Resolution.”

Resolution also denies national press reports that the Board of Resolution has set a price target in relation to the estimated value of the proposed merger with Friends Provident, and that it is willing to talk to any new suitor at around this level.

The statement says: “For the avoidance of doubt, the Board of Resolution has made no determination of the value level around which it would be prepared to talk to any potential offeror.

“Resolution remains relentlessly focused on creating value for shareholders. It
continues to believe that the proposed merger with Friends Provident, which will
combine Resolution’s cashflow, customers, distribution and management
capabilities with a UK life business with a strong customer and new business
franchise, is the best way of maximising shareholder value. Resolution is
progressing with implementing the merger.”

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