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Phoenix Group calls off bid talks

Phoenix Group has agreed to terminate discussions with private equity group CVC Capital Partners regarding a possible offer by CVC for the UK's largest specialist closed-life fund consolidator. Management also confirmed that it is not in discussions with any other party, having terminated talks with Resolution last November. The terms proposed by CVC did not reflect the full value of Phoenix and its stable long-term cash flows, according to chief executive Clive Bannister. And the group plans to continue its focus on building up its £68bn of assets under management and the wholly owned asset management business Ignis Asset Management.

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By Jonas Crosland,
15 February 2012

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