Prudential rejects takeover bid

LONDON – Prudential Plc, Britain’s second- biggest insurer, said it rejected a takeover approach from larger competitor Aviva Plc because the bid wasn’t in the interests of shareholders.

Prudential’s board “confirms that it is not in discussions with any party and reaffirms its confidence in Prudential’s future as an independent company,” the insurer said in an e-mailed statement. London-based Prudential two days ago rebuffed an offer of about 700 pence a share in stock from Aviva, said two people familiar with the situation who declined to be identified.The bid, 12 percent above the closing price on March 16, valued the insurer at about 16,7 billion pounds.An Aviva-Prudential merger would make them by far the largest UK player.’ – BloombergLondon-based Prudential two days ago rebuffed an offer of about 700 pence a share in stock from Aviva, said two people familiar with the situation who declined to be identified.The bid, 12 percent above the closing price on March 16, valued the insurer at about 16,7 billion pounds.An Aviva-Prudential merger would make them by far the largest UK player.’ – Bloomberg