Phoenix and CVC call time on bid talks

Phoenix and private equity group CVC Capital Partners have terminated discussions about a possible takeover. 

'Phoenix can confirm it is not in discussions with any other party regarding a potential offer for the company,' the insurer, the parent of asset manager Ignis, said this morning as it revealed that both parties were happy to call time on the talks. 

Clive Bannister, group chief executive officer of Phoenix, said that the undisclosed offer from CVC did not fit with Phoenix's expectations.

Bannister, explained: '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 continues to focus fully on our business, customers, shareholders and staff to maximise the potential of our powerful consolidation platform.'

Phoenix and CVC entered talks after the insurer's discussions with Resolution collapsed.