21st Aug 2015 05:24
LONDON (Alliance News) - Zurich Insurance has brought in Evercore Partners to work on a bid for FTSE 100 insurer RSA Insurance Group alongside Morgan Stanley, according to a Financial Times report on Thursday.
The newspaper, which cited people with knowledge of the situation, said that investment bank advisers for the two sides remain "far apart" on price.
Takeover rules require Zurich to state whether it wants to make a firm offer or walk away by 1700 BST Tuesday next week, according to stock exchange documents.
RSA shares closed up 0.2% at 507.00 pence on Thursday, valuing the insurer at about GBP5.16 billion by market capitalisation.
http://www.ft.com/cms/s/0/2d277b9a-4749-11e5-b3b2-1672f710807b.html#axzz3jP6mcs6U
By Samuel Agini; [email protected]; @samuelagini
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