RESOLUTION WANTS TIMETABLE FOR ALTERNATIVE OFFERS

UK-based life assurer Resolution has asked that the UK Takeover Panel impose a timetable on other parties considering an offer for Resolution, requiring those parties to act ahead of the vote on the planed merger between Resolution and Friends Provident. Late on Thursday Pearl Group, a UK-based run-off specialist that holds more than a 16% stake in Resolution and which opposes the current deal between Resolution and Friends Provident, said that it had not yet made a decision on mounting a full bid for resolution. Resolution said that it continued to provide due diligence to interested parties, but that it had not received any offers. UK-based assurer Standard Life has also said that it was considering a cash-and-share offer for Resolution.