Undervalued Friends

Sometimes the surest way to coax out reluctant suitors is to get engaged. Just look at Friends Provident. The UK insurer has been viewed as a target since it demutualised six years ago. But it’s only since it announced a planned merger with UK peer Resolution last month that Friends seems really to be turning heads. According to reports, Axa, Old Mutual, Swiss Re, Zurich Financial Services and private equity group JC Flowers are all considering rival bids. It’s easy to see why they might be int...