P205 CJEFAX 2 205 Fri 31 Jan 21:14/43 B N S P S W N M 1/2 Abb y National has launch d a surprise takeovjt bid for Scottish Amicable, h mutubl insurer that earlier this month announced flotation plans. Abbey sbid it would pay Scottish Amicable's 1.1m policyholders £400m in cash — trumping the group's £275m plan for djmutualisation. The offey effectively values the businjsv at betw en £1.1 n and £1.4 n. Policyholders would receive an average immediate windfall of about £360 if they accepted the offer, it said. H adlinj 20 bey psi 226 Savings 250 Front page 100 Next News Sport YourMonjy Main MenuP205 CJEFAX 2 205 Fri 31 Jan 21:17/27 5bs j5jw1ozz%s{5 SC TT S AMIC BL R J CT B E /2 Insure Scottish Amicable has rejected a surprise bid bz Abbey National, which vblujd the target at up to £1.4bn. A two-stage flotation would bring io v l fo p l ho while prov ding art acti b njfits" at ach stage, Scottish Amicable said. Furthjt significant value would be created for policyholders bz floating on the stock market and improving new business profitability. The board felt that the growth from its demutualisation should bj kept bz customers, not given away. Headlines 200 Commoditi s 246 Savings 259 Front page 100 N xt N w t M