Just Retirement has accepted a buyout offer from private equity firm Permira, it has confirmed today.
In a £225.5m deal, Permira-backed investment vehicle Avalon will pay 76 pence per share for the specialist life insurer, and will inject £25m into the business. Avalon was first revealed as a potential buyer for Just Retirement, which sells equity release and annuity products, in June this year. Shareholders can take cash, or have the option of receiving one unlisted unit for every ten existing shares. The news sent the company's share price up 7.19% to 74.5p. Just Retirement reported a 20% rise in EEV underlying profits before tax in the year to 30 June 2009, but its share price ...
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