ClearView rejects takeover offer
The Clearview board has unanimously rejected the conditional unsolicited takeover offer from Crescent Capital Management owned entity CCP BidCo.
CCP BidCo made the announcement that it intended to make an all-cash offer of $220 million for ClearView on 12 July.
At the time, Crescent managing partner Michael Alscher said the offer would provide "certainty and liquidity to shareholders, and an opportunity to build the business for all ClearView stakeholders".
According to the board, the offer price of $0.50 in cash for each ClearView share is "inadequate and the offer materially undervalues" the company.
The offer is also subject to a number of conditions, including a minimum acceptance of more than 50 per cent, according to the board.
"The board continues to advise ClearView shareholders to take no action in relation to CCP BidCo's offer," the statement read.
Specifically, ClearView's largest shareholder, Guinness Peat Group (which holds 47.8 per cent of the company's issued capital) said the "price offered represents a substantial discount to the fair value of ClearView and is wholly inadequate".
ClearView added that the offer is opportunistic, given current market conditions, and does not reflect its recently strong business growth.
"The board is committed to ensuring that shareholders fully benefit from ClearView's underlying value and growth potential," the company stated.
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