Crescent wins investor support after raising ClearView offer
Crescent Capital Partners has improved its buyout offer for Australian financial services provider ClearView Wealth, winning the support of leading shareholder Guinness Peat Group (GPG). The private equity firm is now offering A$0.55 per share, up from the A$0.50 per share bid made in July. This pushes the deal value to A$245 million ($254 million).
GPG, which owns 47.8% of ClearView, dismissed Crescent's earlier bid as wholly inadequate, saying it didn't reflect the company's value. The investor indicated yesterday that it was prepared to accept...
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