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AltAssets is the private equity news and research service from Almeida Capital
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PRINT THIS PAGE J.C. Flowers abandons $7bn Friends Provident deal21/04/2008. Source: AltAssets. 
New York-based buy-out giant J.C. Flowers & Co. is no longer planning to make an offer for UK life insurance company Friends Provident. The firm said in a statement: 'J.C. Flowers announced on 14 April 2008 its intention to formally withdraw its proposal to acquire Friends Provident in the event that the board of Friends Provident refused to engage in discussions with J.C. Flowers prior to the close of business on Friday, 18 April 2008. J.C. Flowers confirms that the board of Friends Provident has not engaged in discussions with it and is therefore formally withdrawing its proposal.'
In a statement earlier this year J.C. Flowers said that it had already built up a 2.7 per cent stake in the company.
J.C. Flowers advises J.C. Flowers I, a $900m fund formed in 2002, and J.C. Flowers II, which closed on $7bn in 2006, and focuses on investments in the financial services sector.
A J.C. Flowers-led consortium recently agreed to acquire 25 per cent of German commercial real estate financing provider Hypo Real Estate. This deal is worth a reported €1.1bn.
Copyright © 2008 AltAssets
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