Australia's ClearView Wealth drops on shelving buyout plan

Clearview Wealth

01/11/2022 23:40

** Shares of financial services firm ClearView Wealth
 CVW.AX  drop as much as 11.7% to A$0.49, their lowest level
since Oct 10
    ** Co says it decided not to proceed with a buyout as it did
not receive any proposals representing "appropriate value",
after engaging in a due diligence process with multiple parties
 urn:newsml:reuters.com:*:nASX2kT4f7 
    ** Co explored possibility of a change of control
transaction as part of a strategic review 
    ** Adds it is on track to meet its underlying net profit
after tax forecast for FY23 
    ** ClearView records worst intraday pct drop since Oct 10
    ** Stock down 29.8% YTD, as of last close 
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))