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...
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