Standard Life to modify bid

INSURER Standard Life is understood to be working to restructure its£4.9 billion (€6.9bn) offer for Resolution Life after its bid was dramatically trumped on Friday.

Resolution Life, Britain’s biggest manager of closed-life funds, had recommended a cash and shares offer from Standard Life valuing the group at 715p a share. But minutes later, Pearl Group tabled a 720p cash offer, trumping Standard Life and valuing Resolution at £4.94bn.

Pearl also raised its stake in Resolution to more than 24% — meaning it is now in a position to all but veto the Standard Life offer, which needs approval from 75% of Resolution’s shareholders.