(Alliance News) - Phoenix Group Holdings PLC on Tuesday said talks over the possible sale of its European businesses have ended.
The long-term savings and retirement business said it received "unsolicited expressions of interest" for Phoenix Europe and entered into advanced discussions with a third party over a potential sale. It confirmed these talks back in May.
"However, the board has concluded that the transaction under consideration would not maximise shareholder value and therefore discussions have been discontinued," it said on Tuesday.
Phoenix will now progress a "range of management actions" to maximise shareholder value.
Shares in Phoenix were down 0.1% at 720.80 pence in London midday Tuesday.
By Lucy Heming; lucyheming@alliancenews.com
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Phoenix Group Holdings (PHNX)