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.
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
