Herbies wins role on Resolution's £1.86bn Friends Provident takeover
Herbert Smith is the latest firm to land a role advising on the recommended £1.86bn takeover of Friends Provident by Resolution. The top 10 City firm is advising Resolution's banks, including Credit Suisse and Lazard, on the recommended acquisition, which was announced today (11 August).
August 11, 2009 at 09:32 AM
2 minute read
Herbert Smith is the latest firm to land a role advising on the recommended £1.86bn takeover of Friends Provident by Resolution.
The top 10 City firm is advising Resolution's banks, including Credit Suisse and Lazard, on the recommended acquisition, which was announced today (11 August).
The firm is fielding a team led by London corporate partner Chris Haynes, who also advised Resolution's banks on its initial public offering in December.
Today's agreement ends weeks of discussions between the two insurers, with Friends Provident initially rejecting an offer from Resolution in July.
At that time it was thought that Herbert Smith had missed out on a role on the deal. The firm had previously advised Resolution; however, Slaughter and May was drafted in to advise on the merger talks, with London corporate partner Jeff Twentyman leading a team that also included fellow corporate partner Kathy Hughes.
Friends Provident instructed regular adviser Linklaters, with London corporate partner Owen Clay taking lead role. Clay also advised Friends Provident when the two insurance companies held merger talks in summer 2007.
Today's recommended offer values the share capital of Friends Provident at £1.86bn, with investors receiving 0.9 of a Resolution share for each Friends Provident share.
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