- Thursday, 12 July 2012 | Staff Reporter
In a statement to the Australian Securities Exchange (ASX) today, CCP BidCo Pty Limited said the offer price represents an "8 per cent premium to the volume weighted average price of Clearview shares over the last three months".
The offer also represents an 11 per cent premium to the current disclosed value of Guinness Peat Group's shares in the company. GPG is Clearview's largest shareholder with a 48 per cent stake, the statement said.
"If the offer is successful, Clearview shares acquired by CCP BidCo under the offer will be transferred in various proportions to be held directly by funds advised by Crescent Capital," it said.
Crescent Capital managing partner Michael Alscher said the $220 million offer provides Clearview shareholders the opportunities to sell some or all of their holdings "at a premium in a company that has low historical trading volumes and liquidity".
"We have a strong track record in growing businesses and we are keen to work with Clearview's current management," Alscher said.
"Our focus will be to accelerate the growth of the business. As a committed shareholder, we are confident we can help Clearview grow its market share and become a more substantial provider of life insurance and wealth management solutions to the market."
Alscher said the offer also provides GPG with the opportunity to "realise its investment" in the company at a premium above its book value.
The offer will be funded through arrangements with Crescent advised parties, Investec Bank Australia and other counterparties, the statement said.
"CCP BidCo intends to deliver its Bidder's Statement to ASIC, Clearview and the ASX today, and intends to despatch the relevant documentation to Clearview shareholder as soon as possible, which is intended to be at the end of the week commencing 23 July 2012," it said.
Crescent Capital was founded in 2000 and is an Australian private equity investment firm which has raised more than $1 billion in committed capital across all its funds, the statement added.
Latest from InvestorWeekly
- AMP North adds healthcare trust
- A-REIT conducts $150 million equity raising
- TWUSuper boss steps down
- AMP Capital receives licence for offshore project
- Harbert expands into Australia 'by serendipity’
- CBA opens Beijing branch
- AustralianSuper appoints US property manager
- Qantas Super appoints MLC as insurer
- Australian Unity proposes property fund merger
- MyState prices $322 million RMBS
- Is Asian turbulence a win for China?
- Why Detroit’s honest self-renewal is a lesson for Japan
- Volatility means opportunity for fixed-income investors
- US Fed likely to stick to existing policy
- Asian bonds offer value after Fed-induced sell-off
- Convertible bonds: solid foundations are needed when reaching for the upside
- ING DIRECT urges third parties to prepare for Basel changes
- A straight-forward channel
- Crystal balls and consistent returns
- Shadow banking darkens China policy outlook
- Tyndall AM appoints investment risk manager
- Trust Company expands superannuation team
- Kinetic Super appoints employer representative director
- Wilson HTM appoints non-executive director
- Actuaries Institute names new CEO
- LUCRF Super appoints new head of investments
- Crowe Horwath appoints CEO
- Colonial First State appoints senior analyst
- BLSEM appoints senior portfolio manager
- Westpac strengthens capability in Asia with two appointments