LEGAL & General has agreed terms for a £62m acquisition of AIM-listed SIPPs specialist Suffolk Life.
The life company's Retail Investments subsidiary (LGRI) has offered £15.75p in cash for each Suffolk Life share. It has received binding irrevocable undertakings to accept the offer from all of Suffolk Life's directors and other shareholders in respect of approximately 52.1pc of existing share capital. Commenting on the offer, Tim Breedon, Legal & General group's chief executive said: "Suffolk Life is an outstanding business which has developed a leading position in the fast growing bespoke SIPP market. "Combining Suffolk Life's product expertise and service delivery with Legal & G...
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