Links and Slaughters in on Resolution merger bid
Linklaters and Slaughter and May have landed key roles advising on potential merger talks between insurers Friends Provident and Resolution. Linklaters has stepped in to advise long-standing client Friends Provident on the talks, with corporate partner Owen Clay taking the lead role for the firm.
July 14, 2009 at 06:34 AM
2 minute read
Linklaters and Slaughter and May have landed key roles advising on potential merger talks between insurers Friends Provident and Resolution.
Linklaters has stepped in to advise long-standing client Friends Provident on the talks, with corporate partner Owen Clay taking the lead role for the firm.
Resolution meanwhile has turned to Slaughters for advice, with corporate partner Jeff Twentyman leading, assisted by London corporate partner Kathy Hughes.
Friends Provident confirmed yesterday (13 July) that its board had rejected Resolution's initial approach on the grounds that it did not believe the offer to be in the best interests of shareholders.
Resolution's initial proposal was an all share offer of 0.8 new Resolution shares for every Friends Provident share, however some reports suggest Resolution could come back with a better offer in the wake of Friends Providents' rejection.
News of the potential union comes around two years after Resolution and Friends Provident last held merger talks. Those talks, in summer 2007, saw Friends Provident again turn to Linklaters for advice, with senior partner David Cheyne taking the lead role, assisted by Clay.
At that time it was unclear whether Herbert Smith or Slaughter and May was advising Resolution.
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