British insurer Friends Provident agrees takeover
British insurer Friends Provident agreed on Tuesday to a takeover by investment group Resolution after an improved offer worth 1.858 billion pounds, boosting a sector damaged by the financial crisis.
British insurance and pensions provider Friends Provident PLC said Monday that it had rejected a 1.7 billion pound takeover offer from buyout company Resolution Ltd. Friends Provident said the proposed offer of 0.8 new Resolution shares for every Friends Provident share was ``wholly inadequate.''