24th Mar 2006 14:08
Aviva PLC24 March 2006 News release NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ORFROM THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN 24 March 2006 WITHDRAWAL OF PROPOSED MERGER OF AVIVA AND PRUDENTIAL On 16 March 2006, Aviva provided the Board of Prudential with a written mergerproposal, the terms of which were set out in an announcement on 20 March 2006.Aviva believes that the merger, on these terms, would have created significantvalue for both sets of shareholders. Aviva made clear that its proposal wasdependent on the co-operation of Prudential. As this co-operation has not beenforthcoming, Aviva has decided to withdraw its proposal. In coming to its decision, the Board of Aviva determined that it was not in thebest interests of its shareholders to make any material adjustment to itsproposed terms. For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers, Avivareserves the right to make or participate in an offer within the next six monthsin the event that the Board of Prudential agrees to recommend such an offer or athird party announces a firm intention to make an offer for Prudential. - ends - Enquiries: Analysts:Charles Barrows, investor relations director +44 (0)20 7662 8115 Media:Hayley Stimpson, director of external affairs +44 (0)20 7662 7544Sue Winston, head of group media relations +44 (0)20 7662 8221Rob Bailhache, Financial Dynamics +44 (0)20 7269 7200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
AvivaPrudential