News and Press
| Date: | May 2008 |
| Title: | Legal & General and Suffolk Life cash offer |
| Author: | Acquisition Finance Magazine |
| Download: | pdf version |
Legal & General and Suffolk Life cash offer
Legal & General and Suffolk Life have agreed the terms for a recommended
cash offer, to acquire the entire issued and to be issued share capital
of Suffolk Life. The offer is £15.75 in cash for each Suffolk Life Share,
valuing the entire issued and to be issued share capital of Suffolk Life
at approximately £62m. The cash offer was announced on the 20th March
2008 and on 6th May Legal & General announced that the conditions of the
offer have been satisfied and the offer has been declared wholly unconditional.
The acquisition has been approved by the FSA.
Suffolk Life was founded in Ipswich in 1971 and is one of the UK’s leading
specialists in the provision of Self Invested Personal Pensions (SIPPs).
Suffolk Life administers 10,000 SIPPs with £2.9bn assets under administration
on behalf of high net worth individuals. Suffolk Life has been a pioneer
in the development of the UK SIPP market and has built a strong reputation
based on its expertise, knowledge and service delivery.
Suffolk Life will provide Legal & General with specific expertise in relation
to SIPPs, an increasingly important product in the long-term savings market.
Suffolk Life fits particularly well within the Legal & General group given
its specific product expertise and existing administration platform.
Fenchurch Advisory
Partners acted as exclusive financial adviser to
Suffolk Life on the deal. Fenchurch
was appointed by Suffolk Life in November last year to conduct a strategic
review. As part of the strategic review Fenchurch
assessed and tested the appetite from third parties in acquiring Suffolk
Life through a structured process. The review also considered the prospects
for the continued growth of Suffolk Life under its existing ownership
structure.