Takeovers ticking over
|
|
Potential acquisitions of AFS Group, Total Financial Solutions and Professional Investment Services (PIS) are still in the wings.
AFS Group announced in April that a non-institutional buyer had made a bid to acquire 100 per cent of its adviser-owned operations. AFS chief executive Peter Daly said the group was still completing due diligence and that negotiations were continuing, while adding that two prospective institutional buyers had also begun due diligence on the group.
The non-institutional buyer is as yet the only party to make a significant offer. Daly said AFS had requested all parties table complete offers by 30 June.
Daly is still hedging his bets on the potential acquisition, acknowledging it may not eventuate, but adding the AFS board remains committed to listing.
Count Financial, led by Andrew Gale, yesterday pointed to its continuing negotiations regarding an acquisition of a national dealer group, understood to be Total Financial Solutions (TFS). That deal has been in negotiations for some time.
Listed premium funding company Centrepoint Alliance is today expected to update the market on the outcome of its due diligence process on Professional Investment Holdings, the parent company of PIS.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
