CVC Capital, Phoenix Group Confirm Buyout Talks

Law360, New York (November 21, 2011, 3:32 PM EST) -- Private equity firm CVC Capital Partners confirmed Monday it has approached London-based life insurance provider Phoenix Group Holdings PLC for a possible buyout but said no formal offer was on the table.

Phoenix Group said in a statement Sunday that its board is working to determine whether a possible offer from the private equity firm could be recommended to shareholders.

Phoenix Group made the announcement at the same time as it acknowledged that merger negotiations with Resolution Ltd., the insurance industry-focused buyout firm led by billionaire...
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