J.C. Flowers Sets Eyes on Friends Provident

J.C. Flowers & Co. has said it is considering buying financial-services firm Friends Provident PLC, after it bought a 2.7-percent stake in the U.K.-based insurer, reports Bloomberg.

The company made an offer of 175 pence a share, according to Bloomberg data, and an offer at that price would value the company at 4.07 billion pounds, or about $7.93 billion. Friends Provident, is planning to update investors on January 31 on a review of its operations after failing to combine with Resolution PLC last fall.

“J.C. Flowers & Co. intends to approach the board of Friends Provident with a view to developing a proposal that will deliver value for its shareholders,” the private-equity firm said in a statement.

Friends Provident shares rose as much as 16.5 pence in London trading and gained 6 pence to 158.5 pence, according to Bloomberg.