Resolution Bids $1.9 Billion for Phoenix, Sunday Times Says
Resolution Ltd. (RSL), Clive Cowdery’s insurance buyout firm, is in advanced talks about a 1.2-billion pound ($1.9 billion) takeover bid for Phoenix Group Holdings (PGH) Plc, the Sunday Times reported.
Cowdery is close to securing an all-share deal that would value Phoenix near 700 pence a share after presenting plans last week to the syndicate of 17 banks that fund Phoenix, the newspaper reported, without saying where it got the information. He has been working with advisers from Royal Bank of Canada, the London-based newspaper said. Swiss Re AG and CVC may be preparing a cash bid, the newspaper said.
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