/24-7PressRelease/ - May 28, 2008 - London, UK, For the next round of bidding, starting next week, to take over Lombard, private equity companies are making a bee-line. This second round of bidding is expected to be dominated by 'buyout firms'.
"It's mainly PE firms that are through. This is about the size that they can do so there is a fair amount of interest from them," the Friends Provident sources reported. Friends Provident is a small 'blue-chip' life insurer. In order to increase its international profile, the company had acquired the Luxembourg-based firm Lombard—specializing in economy management products for the big net-worth persons—about three years ago at the amount of 400 million.
Competitors in the insurance sector are shying away from the bidding process, but according to some sources Swiss Life is through to the second round.
Embroiled in the throes of all these news, Friends Provident has dithered from making any comment on the issue thus far. In fact the group is in the grip of some serious issues, because some eye-brows were raised regarding the company's future after it went back on its growth targets for the past year. Also there were talks of 8.7 billion merger with the market rival Resolution, which ultimately could not be materialized.
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