Cerberus Capital Management is in talks to buy Oklahoma-based Pre-Paid Legal Services, Bloomberg reports. Cerberus is negotiating with Thomas Smith, who leads the investment group that holds a 25.3% stake in Pre-Paid. A new investment vehicle may be formed to buy Pre- Paid, in which Smith’s group would contribute a part of its current Pre-Paid stake for shares in the vehicle. In 2010, the company that develops and markets legal-service plans had received an offer of $60 per share from a private equity firm.
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