J.C. Flowers & Co. has said it is considering buying financial-services firm Friends Provident PLC, after it bought a2.7-percent stake in the U.K.-based insurer, reports Bloomberg.
The company made an offer of 175 pence a share, according toBloomberg data, and an offer at that price would value the company at 4.07billion pounds, or about $7.93 billion. Friends Provident, is planning toupdate investors on January 31 on a review of its operations after failing tocombine with Resolution PLC last fall.
“J.C. Flowers & Co. intends to approach the board ofFriends Provident with a view to developing a proposal that will deliver valuefor its shareholders,” the private-equity firm said in a statement.
Friends Provident shares rose as much as 16.5 pence in