FBD rejects Eureko takeover approach

INSURANCE group FBD has again rebuffed a tentative takeover approach from Eureko.

The move follows reports at the weekend that Eureko offered to merge its Irish pensions subsidiary Friends First with FBD and list the combined entity on the stock market. That would allow FBD’s existing shareholders to keep an interest in the company.

In a statement last night FBD said: “The board has, in conjunction with its advisers Goldman Sachs International and Goodbody Corporate Finance, considered all aspects of the approach and has concluded that it is entirely without merit. Accordingly, the board rejects this approach.”