From The BBC:
Insurer Friends Provident has resumed talks with investment firm Resolution after receiving a revised £1.86bn proposal for the companies to merge.Friends said that Resolution’s latest cash and shares takeover proposal – its fourth – was “sufficiently improved to justify entering into discussions”. Friends shares rose 6.9%, with analysts saying a takeover was “inevitable”. Resolution had been knocked back over price and disagreements over who should be in the driving seat of any merger. ‘Misjudged’Under the new terms, Friends investors will receive 0.9 Resolution shares for each of their own. There will also be a cash alternative available of up to £500m for Friends’ 700,000 retail investors. “While discussions are ongoing, there can be no certainty that any offer will result nor as to the terms on which any offer might be made,” Friends said. However it is possible that it will recommend the offer as soon as Tuesday, when it announces interim results. Talks between the two…
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