10th Mar 2009 07:00
F&C Asset Management plc ceases to be in an offer period
On 31st January, 2008, the Board of Friends Provident plc ("FP") announced that its continuing ownership of its 52 per cent. interest in F&C Asset Management plc ("F&C") did not fit its revised strategy.
Accordingly, the Board of F&C stated that it intended to explore opportunities for F&C with a view to maximising value for FP's shareholders.
As a consequence of that announcement, and further to discussions with the Takeover Panel, F&C was deemed to be in an offer period as defined in the Takeover Code.
Since that time, both FP and F&C have held discussions with a number of parties concerning a possible transaction involving F&C. Those discussions have now ceased.
In light of the above, F&C is no longer in an offer period as defined in the Takeover Code.
As previously announced, FP intends to make a pro-rata distribution of its stake in F&C to its shareholders during 2009. Further information on this distribution will be provided in due course.
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Enquiries: |
Nick Boakes, Friends Provident |
0845 641 7814 |
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Peter Timberlake, Friends Provident |
0845 641 7834 |
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Chris Ford, Friends Provident |
0845 641 7832 |
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Alex Simmons, Finsbury |
07970 174 353 |
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