AFS mystery buyer falls through
A potential buy-out of Peter Daly's Australian Financial Services Group (AFS) has collapsed at the final stages.
The group said the AFS board met yesterday with its prospective purchaser to finalise negotiations, but was unable to reach terms that it was prepared to recommend to shareholders. As a result the board has terminated the discussions and the exclusivity agreement between the two parties.
AFS is owned by its management and advisers. The group informed the market earlier this year it had been approached by a prospective purchaser, and in recent months has indicated up to three institutional and non-institutional parties had been conducting due diligence, although the identities of the would-be bidders have remained closely guarded.
Money Management understands AXA was the potential buyer with whom the deal fell through last week.
At the time of publishing Daly was not available to confirm whether the two other non-institutional parties conducting due diligence on the group earlier this year were still in the picture.
In the past Daly has indicated the group would continue towards its proposed listing if the acquisition did not proceed.
AUTHOR
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
