The board of Prudential PLC in London responded to an announcement by Aviva PLC Friday afternoon that it had dropped its takeover effort by asserting the directors' "full confidence in Prudential's independent future" and continuing focus "on delivering sustainable and profitable growth for its shareholders."
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Aviva, Britain's largest insurer, had planned a $29.5 billion stock bid for London-based Prudential. It called the prospect of reviving the deal effort "very low." The company said it retreated because Prudential's board had not been persuaded to support the deal and it was not prepared to augment its planned offer.
