"Anticipation of a private equity bid also boosted Friends Provident, the embattled life assurance company. JC Flowers is working on an offer for the company following the results of last week's strategic review, which sparked a sell-off in Friends Provident shares. Some in the market expect a formal bid as early as next week."
http://www.independent.co.uk/news/business/sharewatch/market-report-itv-essential-viewing-as-takeover-talk-hots-up-778095.html