ClearView Wealth (CVW AU): Zurich's Clean A$0.65/Share Offer

• Life insurance play ClearView Wealth (CVW AU) has entered into a Scheme with Zurich Insurance Group (ZURN SW).

• Zurich is offering A$0.65/share in cash (a 21.5% premium to last close), less any permitted dividends. A ticking fee may be added.

• Crescent Capital Partners, holding (or having control of) ~53% of shares out, is supportive. ClearView’s board is unanimously supportive. The Offer requires ACCC and APRA clearance. Looks clean

ClearView Wealth (CVW AU) is illiquid. Look away if this is not your bag.

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The Trade:

• Optically, terms appear okay. However, >50% of the register are kicking out.

• At A$0.63/share as type, trading tight, assuming late September completion. Unless you can take advantage of the franking credits.

• Scope for a bump? Maybe.