CIF gets offer from UK group
A subsidiary of the United Kingdom-based Consensus Business Group has made an unsolicited, in-principle offer to acquire 100 per cent of the securities in the listed Challenger Infrastructure Fund (CIF) for $3.50 per security, valuing the fund at about $1.06 billion.
The unsolicited, in-principle offer from Arkmile, which already holds a 19 per cent stake in CIF, is non-binding and subject to a number of conditions, including completion of due diligence, financing, exclusivity and regulatory approvals.
Arkmile has also expressed an interest in assuming managing rights of the fund, which are currently held by Challenger Management Services.
Challenger Listed Investments, the responsible entity, has indicated it will hold a meeting shortly to consider the offer and has advised shareholders to take no action in relation to it.
Recommended for you
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
Financial year losses of limited advice advisers could mean the sector is “dead in the water” going forward after a continuous decline.
