Pearl/Resolution: Bargain hunter

It’s nice to get a bargain. But Hugh Osmond is pushing his luck if he believes he can snap up Resolution, the closed book insurer, for 660p a share – a 5% discount to market price. Such lowball bids rarely succeed, at least on healthy targets. There’s little reason to think Resolution will fall to Osmond so cheaply. Sure, Osmond’s offer isn’t quite as stingy as it first appears. Resolution shares would be significantly lower if its plans to merge with rival Friends Provident hadn’t put it in pl...