GPG shares gain after A$220M takeover bid for 2nd biggest asset ClearView Wealth

Thu, 12 Jul 2012

By Paul McBeth July 12 (BusinessDesk) - Shares in Guinness Peat Group rose 2.2 percent after a A$220 million bid was made for ClearView Wealth, the investment firm's second-biggest asset. Private equity firm Crescent Capital Partners intends to offer 50 Australian cents a share for ASX-listed wealth manager ClearView, of which GPG owns about 48 percent, according to a statement on the Australian stock exchange. That's an 8 percent premium to ClearView's three-month volume weighted average price, and 11 percent higher than what GPG valued its...

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