After increasing its stake in Clearview to 59.5 per cent earlier this month, CCP BidCo remains committed to purchasing the remainder of the company and has extended the take-over offer until 28 September.
However, Money Management understands the position of ClearView's board remains unchanged, with the managing director and most independent directors refusing to sell their stake.
Money Management also understands the board has not yet recommended to shareholders what the decision should be.
Earlier this month, CCP BidCo increased its stake in ClearView from 12.35 per cent to 59.5 per cent for $0.55 cents per share after a major shareholder, GPG, accepted the increased offer.
The offer period will now close at 7pm (Sydney time), 28 September, unless further extended.