Legal & General Retail Investments (LGRI) has received 95.5% acceptance from Suffolk Life shareholders for its £62m acquisition of the SIPP provider.
The fully-owned subsidiary of Legal & General, LGRI’s £15.75 per Suffolk Life share offer has now been deemed wholly unconditional.
Settlement will be effected on or before 20 May for the Suffolk Life shareholders who have already validly accepted the offer, while remaining shareholders who agree to the deal will see payment within 14 days of acceptance receipt.
Under Chapter 3 of Part 28 of the Companies Act 2006, LGRI is willing to acquire the remaining 4.5% Suffolk Life shares on a compulsory basis.
“The board of LGRI announces that all of the conditions of the offer have now been satisfied or waived and, accordingly, the offer has been declared wholly unconditional,” the statement reads.
"Suffolk Life Shareholders who wish to accept the offer but have not yet done so are strongly encouraged to return their completed form of acceptance as soon as possible.”
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