Powered by MOMENTUM MEDIA
  • subs-bellGet the latest news! Subscribe to the ifa bulletin

ClearView shelves possible takeover plan

The ClearView board has decided not to proceed with any transactions upon the completion of its strategic review process.

The firm — which began its strategic review process in September last year in a bid to maximise shareholder value — said on Wednesday that it would not be proceeding with any transactions.

“The strategic review was conducted by the ClearView board with the objectives of maximising value for all ClearView shareholders, determining the optimal future direction of ClearView to protect and enhance customer and policyholder outcomes, and achieving a long-term shareholding base, including by exploring a potential change of control transaction involving ClearView,” the life insurance company said in an ASX listing.

ClearView disclosed that, as part of the review, it appointed BofA Securities to conduct a competitive process involving parties based in Australia and overseas who had made or who were potentially interested in making confidential, non-binding, indicative proposals to the ClearView board in respect of a control transaction.

And while a “number of interested parties” participated in a due diligence process in relation to ClearView, the firm’s board determined that it “did not receive any proposals as part of the strategic review that represented appropriate value for control of ClearView”.

The firm also said it continued to record performance improvements, which put it on track to achieve growth in group underlying NPAT in FY23 in the range of $28.5 million to $30 million.

“The business environment of the overall life insurance industry continues to show signs of improvement and ClearView remains well-placed to benefit from this improvement, including as a result of the more recent launch of its ClearChoice product suite in October 2021,” the firm said.

==
==

It also confirmed that the “simplification of the wealth management business” continues with further details to be provided in due course.