UPDATE 1-Resolution says market undervalues Friends merger

(Reuters) - Rival insurer Pearl Group has built up an interest of almost
16 percent in Resolution and has called for talks with its
management, saying the 8.6 billion pound
all-share, nil-premium merger deal with Friends does not
maximise value for shareholders.




"The board...believes the current share price fundamentally
undervalues the prospects for Resolution shareholders as part of
Friends Financial," Resolution said in a statement.


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