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Barring a last-minute counter-bid, the merger of the UK's largest specialist manager of in-force closed life insurance funds, Resolution Life, and 175-year-old insurer Friends Provident is set to occur in late November. The merger will, however, now be by way of a court-sanctioned scheme of arrangement between Friends Provident and Friends Provident shareholders, and not a scheme of arrangement between Resolution and Resolution shareholders as originally mooted when the merger was announced in July.
The merger thus becomes conditional upon the approval of a simple majority of Resolution shareholders voting at Resolution's extraordinary general...