10 April 2012
Life insurer Phoenix has ended takeover talks with private equity company CVC Capital Partners due to differences over the terms, including price.
"Whilst the board is obliged to consider credible approaches, the terms proposed by CVC did not reflect our view of the full value of Phoenix and its stable, long-term cash flows. As a result, we have mutually decided to terminate these discussions," Phoenix chief executive Clive Bannister said in a statement.
Phoenix, formerly known as Pearl, has been hampered by a heavy debt burden taken on to finance the £5 billion acquisition in 2007 of a portfolio of closed life funds put together by Clive Cowdery, the founder of insurer Resolution .
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