Monday, June 19, 2006
Standard Life attracts bid interest from rivals including Aviva and Prudential, JC Flowers also tipped to bid - report
mergermarket.com: "Standard Life attracts bid interest from rivals including Aviva and Prudential, JC Flowers also tipped to bid - report
StoryPrudential and Aviva are understood to be among the financial services groups mulling takeover bids for Standard Life, a report in The Business said, citing City bankers.
According to the sources, buyout groups are also thinking about making contact with the UK-based mutual insurance group. JC Flowers, the private equity firm, might be considering a bid for Standard Life, bankers said in the report.
The speculation has been prompted by the losers in the auction of Abbey looking for alternative bid targets, the report said. Standard Life last week said its flotation value will fall short of expectations, a move that also contributed to the bid speculation, bankers cited by the report said.
According to the bankers, talks are ongoing between the suitors and advisors. Standard Life might have been contacted again, the report said, noting that Aviva is thought to have already this year made a bid approach to Standard.
Aviva failed in its bid to buy Prudential, the UK-listed insurance group. Any offer for Standard Life would need less than GBP 1bn (EUR 1.46bn) in equity, with the remainder to be funded via debt, the report added.
SourceThe Business
ValueGBP 1,000m (equity rerquired for Standard Life bid (The Business))"
StoryPrudential and Aviva are understood to be among the financial services groups mulling takeover bids for Standard Life, a report in The Business said, citing City bankers.
According to the sources, buyout groups are also thinking about making contact with the UK-based mutual insurance group. JC Flowers, the private equity firm, might be considering a bid for Standard Life, bankers said in the report.
The speculation has been prompted by the losers in the auction of Abbey looking for alternative bid targets, the report said. Standard Life last week said its flotation value will fall short of expectations, a move that also contributed to the bid speculation, bankers cited by the report said.
According to the bankers, talks are ongoing between the suitors and advisors. Standard Life might have been contacted again, the report said, noting that Aviva is thought to have already this year made a bid approach to Standard.
Aviva failed in its bid to buy Prudential, the UK-listed insurance group. Any offer for Standard Life would need less than GBP 1bn (EUR 1.46bn) in equity, with the remainder to be funded via debt, the report added.
SourceThe Business
ValueGBP 1,000m (equity rerquired for Standard Life bid (The Business))"
