The Australian Prudential and Regulatory Authority (APRA) has knocked back a proposal from Bendigo and Adelaide Bank to acquire all of the units in one of the Adelaide Managed Funds.
The proposal, put forward by the bank and the fund manager, would have seen the bank acquire all the units in the Adelaide Managed Funds Asset Backed Yield Trust (AYT), but a statement from the groups involved said APRA would not allow the bank to proceed with the proposal.
“The bank is awaiting formal notification from APRA of its position,” the joint statement to the Australian Securities Exchange said.
“The board of [Adelaide Managed Funds] is considering the alternatives available to maximise AYT unit holder value.”
