The board of insurer Resolution today backed a £4.9 billion (€7.02 billion) takeover bid from Standard Life today
However, the board is expected to meet over the weekend to consider a raised cash bid from rival suitor Pearl, a source said today.
Pearl and Resolution executives are due to meet in the coming days to discuss the new offer from Pearl, also Resolution's top shareholder, the source said.
Pearl's third approach values Resolution at £5 billion (€7.19 billion), roughly in line with Standard Life's cash-and-share offer at current prices.