Share price of 93 pence values company at £162m...

Fin Acquisition, a company formed at the direction of the Fortress Investment Group, has announced today a decision to acquire Alea for £162m.

The acquisition is conditional on the approval of the agreement by Alea Shareholders and insurance regulatory authorities.

The acquisition is expected to become effective in the summer of 2007.

John Reeve, chairman of Alea, said: "The independent directors are pleased to recommend the acquisition, an opportunity which results from the strategy that management have pursued over recent months to bring greater stability to the company.

"We consider that the acquisition price of 93 pence per share in cash represents an attractive proposal for all shareholders and offers them the opportunity to crystallise their investment in the company."