Some rather interesting information has come to light from web sources regarding this deal by Kent Reliance.
One of JC Flowers reported other targets has said:
“Unlike Kent Reliance, we are well capitalized and a financially strong business, therefore we have no reason to join JC Flowers as part of a supermutual.”
Another site says
"The deal is likely to prove controversial, given founder Chris Flowers's reputation as a tough deal maker with no previous interest in mutuality."