"Even Resolution bounced 13½p to 685½p after its 44p fall on Monday triggered by Pearl, its predator, delaying its takeover. Traders said that FSA approval was a condition of the deal, so there is little to stop Pearl pulling out of its 720p bid – agreed when the market was stronger – and then offering much less a year later. Clive Cowdery, the Resolution chairman, sold his 3 per cent stake in December at about 708p."
http://business.timesonline.co.uk/tol/business/markets/article3360107.ece