CCP exceeds Clearview takeover requirements
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Samantha Hodge is a journalist with InvestorDaily, a Morningstar publication.
CCP BidCo has successfully obtained the required 50 per cent interest in Clearview Wealth (CVW), making the offer unconditional and allowing the takeover to proceed.
In line with the implementation agreement between the two entities, Clearview Wealth has declared an unfranked special dividend of 2.2 cents per share to shareholders who have accepted the offer, the company said in a statement to the Australian Securities Exchange (ASX).
"It is effectively done because the conditions that were outstanding a while ago for Australian Prudential Regulation Authority (APRA) approval, Foreign Investment Review Board (FIRB) approval and 50.1 per cent of shareholder acceptance have been met," Clearview managing director Simon Swanson told InvestorDaily.
"The offer closes on 5 October unless extended and then off we go. It will be interesting to see what acceptances will be then."
Last month, the ClearView Wealth board agreed to an implementation arrangement with CCP BidCo after the Crescent Capital Partners Management subsidiary lifted its takeover offer for the company by 5 cents a share.
The takeover target informed the market it had entered into an implementation agreement with CCP BidCo after it increased its offer to 55 cents a share from 50 cents a share.
ClearView's major shareholder, Guinness Peat Group (GPG), which holds 47.8 per cent of the shares, said at the time it intended to accept the revised offer, bringing CCP's relevant interest to more than 50 per cent.
CCP made its initial 50 cents a share bid for the company in July.
At the time, the ClearView board advised its shareholders not to take action in response to the offer until it had completed a full assessment.
Later in July, the board rejected the $220-million takeover offer, citing an inadequate offer price.