UK Insurer Phoenix Shuts Down Deal Talks With CVC Capital

Law360, New York (February 10, 2012, 3:51 PM EST) -- Phoenix Group Holdings, Britain’s largest manager of closed life insurance funds, has walked away from discussions about a potential takeover by private equity firm CVC Capital Partners LP, Phoenix said Friday.

The talks, which Phoenix first confirmed in November after weeks of speculation, fell apart because CVC’s offers — reported to be around £1 billion ($1.6 billion) — were too low, Phoenix said.

“Whilst the board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value...
To view the full article, register now.