Merger Talks End
For most of 2009, the Friendly Society has been in talks with Police Mutual about a possible merger.
The original proposed terms encouraged us to go public with an announcement at the end of February, and we updated our members in May and July. To meet the timetable required both sides to agree terms by early July – but even extending this deadline did not enable the parties to conclude terms which each felt was in the interest of its membership.
By the start of September, it was clear that we could not proceed with the Special General Meeting planned for 14 October, and that it was virtually impossible to meet the target merger date of 1 January 2010. Your Board weighed up the terms then on offer, considering the interests of members and other stakeholders in the Society, the views expressed at our consultation meeting in May, and the time and resources required to focus on the merger instead of on business development. We concluded that it was not in our members’ interests to proceed with the merger.
The original proposed terms encouraged us to go public with an announcement at the end of February, and we updated our members in May and July. To meet the timetable required both sides to agree terms by early July – but even extending this deadline did not enable the parties to conclude terms which each felt was in the interest of its membership.
By the start of September, it was clear that we could not proceed with the Special General Meeting planned for 14 October, and that it was virtually impossible to meet the target merger date of 1 January 2010. Your Board weighed up the terms then on offer, considering the interests of members and other stakeholders in the Society, the views expressed at our consultation meeting in May, and the time and resources required to focus on the merger instead of on business development. We concluded that it was not in our members’ interests to proceed with the merger.
Labels: Autumn2009
posted by The Friendly Society at
11:02
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