AFS mystery buyer falls through

mergers-and-acquisitions/financial-services-group/money-management/AXA/advisers/

28 October 2010
| By Lucinda Beaman |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS