Life insurance company knock back offer

Tue, 12 Feb 2008

Life insurance company and financial services group Friends Provident has reputedly knocked back a second offer from the major Us private equity company JC Flowers. The Sunday Times reported that the life insurance firm appeared not to be interested in a takeover.

The Times said that JC Flowers had composed and sent a further letter to Friends Provident enquiring about a possible takeover, a move that will seriously affect the future of the UK life insurer .

Friends Provident has already decided to sell off some of its assets, cut back on life insurance business and reduce staff levels. JC Flowers are reportedly considering a bid on the UK life insurance company rumoured to be worth up to £4billion.
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