23rd Dec 2015 14:04
LONDON (Alliance News) - Retirement products providers Just Retirement Group PLC and Partnership Assurance Group PLC on Wednesday said their proposed merger will be completed in the first quarter of 2016, representing a slight push back of expectations on timing.
The pair had expected the deal to complete in January, but Just Retirement on Wednesday said the change of control applications to regulators are expected to be received in the first quarter of 2016, meaning approval of the deal may take longer.
Partnership will delay holding its general meeting until the circular concerning Just Retirement's general meeting on the merger has been posted, which is expected to occur in January. This also will push back the completion schedule.
Shares in Just Retirement were up 0.2% to 164.40 pence on Wednesday, while Partnership Assurance shares were up 2.6% to 141.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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