Sir Adrian Montague, executive chairman of UK fund manager and life assurer
Montague was speaking on 29 April at the announcement of Friends Provident’s first quarter results showing an 11% increase in sales, which he described as “satisfactory”
Montague explained that JC Flowers’ original bid had been well below what the board expected, and that the “zone” (around 175p per share) to begin serious talks was well known. Montague said: “You could have knocked me down with a feather when he did withdraw.”
Friends Provident, meanwhile, is continuing the process of disposing of its wealth management divisions:
Montague states that most of the interest is from trade buyers.