Thursday March 20, 07:56 AM
Legal & General bags SIPP specialist
LONDON (ShareCast) - Legal & General is to make a recommended cash offer for Suffolk Life, the Ipswich-based self-invested pension plan specialist. Legal & General is offering 1575p per Suffolk share, valuing the entire
issued capital of the company at £62m. Suffolk Life directors have unanimously recommended acceptance of the offer and have accepted in respect of their own holdings, which account for 25.1% of Suffolk’s existing share capital. Additionally, irrevocable undertakings to accept the offer have been received from other parties, bringing the total level of acceptances up to 52.1%. The acquisition will provide Legal & General with expertise in the Self-Invested Pension Plan (SIPP) market, while Suffolk’s business will benefit from Legal & General’s distribution platform. At the end of 2007 Suffolk Life had assets under administration of £2.9bn, and had more than 10,000 SIPPs on its books.
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