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Resolution No Longer Favors Standard Life Bid

British insurer Resolution said on Monday it was dropping its recommendation of a 4.9 billion pound ($10.1 billion) bid from Standard Life, but taking a neutral stance on a rival bid from
Pearl.

"Resolution will seek to engage in discussions with both of the consortia to discuss, amongst other matters, the value of the offers, transaction structuring and plans for Resolution's business, with a view to establishing an offer which can be recommended to Resolution's shareholders," it said in a statement.

Separately, Standard Life said it was keeping its options open and hadn't ruled out increasing its offer.