Life insurance company pull out of bidding war

Mon, 12 Nov 2007

The bidding war that has dominated life insurance news in recent weeks has taken another turn with the withdrawal of one of the front-runners, Edinburgh based life insurance company Standard Life .

Standard Life have dropped their 4.74 billion-pound shares and cash offer to purchase the closed UK life insurance fund Resolution Plc, after Pearl Group trumped their bid. Going a step higher, Standard Life said, would not offer sufficient value. The insurer reportedly commented, in an e-mailed statement: "Standard Life has decided not to increase or restructure its offer in any way."

Pearl Group offered Resolution an all-cash offer of 4.93 billion pounds, above what Standard Life would pay. Instead, the insurance company will continue to focus on their organic growth. Pearl are apparently going to continue with their offer as planned.
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