Crescent Capital offers $225m for Australia's ClearView Wealth
Crescent Capital Partners has made a A$220 million ($225 million) takeover bid for Australian financial services company ClearView Wealth. Guinness Peat Group, which owns 47.8% of ClearView, said the offer was wholly inadequate and didn’t reflect the company’s value. Ray Kellerman, CEO of ClearView, added that the board was advising shareholders to take no action in respect of the bid.
The offer of A$0.50 per share represents an 8% premium to ClearView's July 11 closing price and a 9% premium to its six-month trading average. The company's stock price jumped 15% during trading Thursday....
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