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Standard Life pulls out of Resolution deal leaving way clear for Pearl

Standard Life has pulled out of a £4.9bn battle for Resolution after its share price fell to its lowest levels since August 2006 last week.

Standard Life says it has decided to withdraw because a revised offer would not give its shareholders sufficient value leaving the way clear for Pearl to win the battle for Resolution.

Resolution released a statement this morning confirming it was in talks with Pearl and would be making a further announcement in due course.

Pearl has upped its stake in Resolution this morning from 24.2 per cent to 25.93 per cent.

Standard Life’s share price jumped by 14 per cent after it announced the termination of the Resolution deal.

Standard Life said: “[The Board] has concluded that a revised offer would not create sufficient value for Standard Life shareholders at a level that is likely to be successful. As a result, the Board of Standard Life has decided not to increase or restructure its offer in any way and, accordingly, Standard Life does not expect its offer to be implemented. The Board of Standard Life has also given notice to terminate its obligations under the merger agreement with Resolution.”


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Lord Falconer, the former Lord Chancellor, is planning to sue Prime Minister Gordon Brown after being prevented from claiming a bigger pension than other former Cabinet ministers.According to reports, Lord Falconer claims that he is entitled to a bigger pension because of his position.If he takes legal action, it is believed this would be the […]

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By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]


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