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Resolution rejects Pearl bid as Royal London expresses interest

Resolution has rejected a takeover bit from Pearl of 660p per share suggesting it significantly undervalues the provider and its prospects as part of Friends Financial Group.

Meanwhile, Royal London says it has reached a binding agreement with Pearl over acquiring certain assets from Resolution should they make a successful bid, including its protection arm Scottish Provident and offshore business Scottish Provident International Life Assurance.

Royal London would pay approximately £1.25bn for the assets in addition to providing £0.3bn of the debt funding for any offer made by Pearl.

In a statement to the stock market, Resolution says its chairman, deputy chairman and group chief executive met with representatives of and advisers to Pearl yesterday and Pearl put forward the offer.

Resolution says its Extraordinary General Meeting to approve its merger with Friends Provident will be held on November 5.

The statement says: “The Board of Resolution believes that the agreed merger with Friends Provident will create significant value for Resolution’s shareholders through their entitlement to a 50.9 per cent share of the value of Friends Financial, which comprises: combined embedded value, value of the combined new business franchises, value of the asset management businesses; and merger synergies.”


Anger over IoD’s call to axe buy-to-let tax break

The mortgage industry has reacted angrily to the Institute of Directors’ call to scrap the buy-to-let tax break.The lobbyist’s policy paper, entitled, Encouraging Savings: A Better Tax Regime, is aimed at providing an attractive scheme for the taxation of savings on a sustainable basis.The IoD says this would require a series of measures designed to […]

IMLA says house price slowdown does not mean housing crash

IMLA says recent slow down in house prices should not be interpreted as an early indication of a housing market crash.Executive director Peter Williams says: “It was inevitable that the housing market would experience a slowdown in activity and pricing levels following the disruption in the financial markets which led to a temporary reduction in […]

Technology for today

The Money Marketing Live conference and exhibition at Manchester’s G-Mex on October 30 will house a technology arena, giving advisers an insight into the latest developments to meet today’s investor demands. You can also win a Mazda MX-5 roadster sponsored by Edeus

Inheritance Tax, a tax on the wealthy? Urban myth or fact?

By Kim Jarvis, Technical Manager with Canada Life’s ican Technical Services Team. Inheritance tax has been around in some form since 1796. Estate duty dates back to 1894 and over the years this tax has evolved into the inheritance tax (IHT) we know and love today, which was introduced in 1986 as a replacement for […]


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