resolution life drops bid for hhg

Off the wires late Friday in London

LONDON (AFX) - Resolution Life says it has dropped its bid for HHG PLC (LSE: HHG.L - news) . The group said it will not make an offer for the entire issued capital of HHG unless a third party announces a possible offer under Rules 2.4 or 2.5 of the City Code on Takeovers.
In response, HHG said the company is no longer in an offer period but that it is continuing to explore the approach made by RLG for its Life Services businesses.
Privately-owned Resolution Life, which is backed by a group of companies including Foreign & Colonial Investment Trust Plc, FF&P Asset Management Ltd and Nikko Principal Investments Ltd, was formed last year to buy and run closed UK life funds. The acquisitive group bought Royal & Sun Alliance (LSE: RSA.L - news - msgs) 's Life & Pensions business in October last year for 850 mln stg, and in December bought Swiss Life Group's closed UK business Swiss Life (UK) for 205 mln stg