Shares in life insurer Phoenix
rose sharply on Monday after the company said it was considering takeover offers, including from buyout firm CVC , after an approach from rival Resolution Ltd failed.

Phoenix shares were up 11.8 percent at 550 pence in early morning trade, giving the company a market capitalisation of around 960 million pounds. Resolution shares fell 2.5 percent to 242.71 pence.

The board is continuing to consider whether CVC's approach may form the basis of an offer that is appropriate to recommend to Phoenix's shareholders, although there can be no certainty that any approach will lead to an offer being made, Phoenix said in a statement on Sunday.

Phoenix, created from a complex restructuring of insurer Pearl last year, remains burdened by over 2 billion pounds in debt incurred to finance that deal.

($1 = 0.633 British Pounds)

(Reporting by Sudip Kar-Gupta; Editing by Will Waterman)