LONDON (AP) -- British insurer Resolution PLC rejected a sweetened takeover offer on Friday from rival Pearl Group Ltd., which is still attempting to gatecrash Resolution's proposed acquisition of Friends Provident PLC.Pearl, which has increased its stake in the insurer to 16.5 percent in recent weeks to become its biggest shareholder, came forward with a new bid of 691 pence ($14.14) per share on Friday, raising its offer from the 660 pence ($13.51) per share it bid last week.
Under the terms of the offer, Resolution shareholders would also be entitled to receive the interim dividend of 9.17 pence a share payable next Friday.
Pearl reiterated that it believes Resolution's proposed acquisition of Friends Provident will not create as much value for Resolution shareholders as its own offer.
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