Eureko executives are examining a full cash alternative to top AXA's offer of 249p cash plus 0.243 shares in Sun Life & Provincial, its majority- owned UK subsidiary. Because of a sharp slide this week in Sun Life's share price, AXA's offer has fallen from 389p to 375p a share. It is understood Eureko may offer substantial equity stakes to GRE's management in an effort to persuade them to stay on. Shares in GRE closed down 2p at 359p.
THE BOARD of Eureko, the consortium of nine European insurers, meets today to consider a cash bid for Guardian Royal Exchange to trump the agreed pounds 3.28bn cash-and-paper offer from AXA, the French insurance giant.