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Life Insurance - Friends Provident receives takeover bid - 31/03/2008
It is rumoured that Friends Provident has received a takeover bid from American private equity firm, JC Flowers.

It has been reported in the media that JC Flowers has put in an informal bid £3.5 billion, around 150 pence per share but less than the bid for 175 pence per share the group was reported to be considering in January. Since then, however, Friends Provident’s value has fallen.

Last month the firm, which offers financial products such as "> and pensions, reported an annual loss of £46 million, mostly due to a one off accounting charge for £440 million. The group announced at the beginning of the year that they were to reshape in preparation for a takeover. They announced they were to cut around 600 jobs and continue a review of the company.

It is reported that Friends wants the UK’s Takeover Panel to give JC Flowers a deadline by which time they must either make a firm bid or walk away from the company for at least six months.

Neither firm was available to comment on the situation.
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