lot of big buys being pushed through.

From The Sunday Times March 30, 2008

Friends Provident considers new approachIain Dey
SIR ADRIAN MONTAGUE, the chairman of Friends Provident, has called an emergency meeting of the life assurers board this weekend, following a fresh 3 billion takeover approach from JC Flowers.

The US private-equity group sent a letter to Montague on Friday afternoon, detailing a new offer priced at between 150p and 160p a share.

The bid falls short of an indicative 175p a share offer tabled last year by Flowers, which was dismissed by Friends.

The Friends board has been pushing for Flowers to table a firm offer, threatening to demand a put-up-or-shut-up order from the Takeover Panel.

Montague made an open appeal for Flowers to come to the negotiating table after Friends results three weeks ago.

Although the board is expected to agree to meet Flowers and his advisers, it is thought that shareholders are unlikely to support an offer below 160p the companys embedded value.