View more on these topics

Just Retirement confirms buyer interest

Just Retirement has confirmed that it is in talks with a bidder interested in taking a majority stake in the company which would value the firm at £226m.

Avalon Acquisitions, a group of funds advised by Permira Advisers, has expressed interest in the firm after making a binding offer for 52 per cent of the shares in the company.

If Langholm, Just Retirement’s current major shareholder, accepts, Avalon will take the majority share of the firm. At 76 pence per share, Avalon would pay £117.9m to Just Retirement.

The board of Just Retirement has committed to pay around £2.3m to Avalon in the event that it delivers a firm proposal by August 20 on the terms set out today, but the insurer rejects the offer in favour of another bidder.

The offer is reliant on Avalon’s due diligence on Just Retirement, so there is no certainty an offer will be made.


Recommended

Website comments

We have a totally unfair and inadequate system of regulation which allows the FSA to ride roughshod over what was, before its actions, a perfectly sound financial company, which is now the subject of a bidding war to gain control of its clients, much to the disgust of IFAs all over the country.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com