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Permira offer values Just Retirement at £225.5m

SeekER Equity Release News Update 2nd July 2009:

Just Retirement has received a provisional offer from Permira Advisers valuing the annuity and equity release provider at £225.5 million.

The company's private equity shareholder Langholm Capital has entered into an irrevocable agreement with Permira to sell its 52.29% stake in Just Retirement.

Permira's Avalon Acquisitions unit is offering £117.9 million or 76p per share for the stake.

If the deal goes through Permira will have to offer the same terms to Just Retirement's other shareholders, who include Invesco, Aviva, Comm Invest and Oxburgh. This would take the total price to £225.5 million.

Permira has until 27 August to formalise the offer. If the offer is made by 20 August Just Retirement will be bound to the deal by a £2.3 million exit penalty.

Just Retirement shares jumped 7.5p to 72p.

http://www.citywire.co.uk/Adviser/-/news/market-and-shares/content.aspx?ID=346829

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