Just Retirement offer talks extended

Avalon, part of the Permira private equity group, had offered around £117m for a 52% share of the company. Under the terms of the possible offer, shareholders will be able to receive either 76 pence in cash, or an unquoted partial securities alternative which would enable them to retain economic exposure to the Company. The Board of Just Retirement had committed to pay approximately £2.3m to Avalon if it delivered a firm proposal to the Board on an agreed set of terms, including the above headline terms, by 20 August 2009. However, this deadline has now been extended by a month which wil...