Legal & General Retail Investments (LGRI) has agreed terms for a £62m acquisition of Suffolk Life.
The wholly-owned subsidiary of Legal & General, LGRI’s recommended cash offer is £15.75 for each Suffolk Life share. LGRI announced it has received binding irrevocable acceptance from Suffolk Life directors and various other shareholders, representing approximately 52.1% of the existing issued Suffolk Life share capital. The Suffolk Life directors consider the offer terms to be “fair and reasonable” and intend to unanimously recommend shareholders accept the deal. “Suffolk Life is an outstanding business which has developed a leading position in the fast growing bespoke SIPP market,” ...
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