Dutch insurer Eureko says it is disappointed FBD Holdings rejected its approach, and that it is now withdrawing its proposal.
Eureko said it had advanced a proposal which it considered would be attractive to all FBD stakeholders, as it would have created a significant financial services organisation.
Eureko said it received no communication from FBD before its statement of rejection was issued. Eureko expressed disappointment that FBD has rejected its proposal without engaging in any form of dialogue with either Eureko or its advisers.
Insurance group FBD had described an approach from Dutch group Eureko as 'entirely without merit'.
Eureko already owns life and pensions group Friends First. It is reported to be proposing a merger of FBD and Friends First, floating the combined company on the Irish Stock Exchange.
Yesterday, FBD said it had received further correspondence from Eureko, but as yet no offer. FBD holds its AGM tomorrow.
