Acquisition bid for AFS
A unnamed non-institutional buyer has made a bid to acquire 100 per cent of Australian Financial Services Group (AFS Group).
The acquisition has been confirmed by AFS Group’s Barry Stephen who described it as “significant”.
He said that while the AFS Group remained committed to a planned public listing in 2012, the board was obliged to notify shareholders of any substantial offers.
“The offer we have received is significant and I can confirm that it is from a non-institutional buyer,” Stephen said.
“Most importantly, the buyer has confirmed the intention to preserve the proven successful fabric and culture of AFS Group and will utilise the acquisition as a platform to launch an alternative dealer group service to that of institutions.”
AUTHOR
Mike Taylor
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
