Private equity bidder eyes Just Retirement

Avalon Acquisitions Limited, part of the Permira private equity group, has offered around £117m for a 52% share of the company. Shares in AIM listed Just Retirement jumped 10% to 71p on the news. Avalon will buy the entire shareholding of the Langholm Group, consisting of 155,128,173 ordinary shares, or 52.29% of the company. Langholm has committed to accept an offer from Avalon (if announced) at 76 pence or more per Just Retirement share in cash and to vote against and not accept any competing offer. The undertakings will cease to be binding if no firm offer announcement is made by...