Standard Life to modify bid
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.
But Standard Life is now understood to be working to change the structure of its deal to a straightforward takeover, which would require backing from 50% of Resolution shareholders, according to reports on Reuters.
