Sydney-based wealth manager ClearView Wealth is set for an acquisition by Crescent Capital Partners, after the larger player sweetened its offer.

Sydney-based wealth manager ClearView Wealth is set for an acquisition by alternative asset manager Crescent Capital Partners, after the larger player upped its bid from 50 cents a share, to 55.

The board of ClearView Wealth said in a statement that it had entered into an implementation agreement with the holding company of CCP, under which CCP will make an increased offer, valuing ClearView at A$262.8 million (US$265 million), up from A$222.7 million under the original bid.

The revised offer means that with dividends, shareholders of ClearView could stand to receive 59 Australian cents a share.

For some time GPG, which owns 47.8 per cent of ClearView, has wanted to sell its holding in the wealth manager. Last month CCP submitted the lower offer, which GPG advised shareholders to refuse. But this time the firm is fully behind the deal.

"GPG has informed the company that it intends to accept the revised offer and make an announcement in this regard," said chairman of ClearView, Ray Kellerman.

"Under the negotiated arrangements, GPG is able to fulfill its objective, ClearView shareholders receive a substantially increased payment opportunity, and the company gains a majority shareholder with the capital and experience to add value so that ClearView may continue the execution of its profitable growth objectives," he added.

Subject to approval, CCP has obtained a relevant interest in more than half of the ClearView's shares. The subsequent increase in the CCP offer and its decision not to deduct any dividends paid means shareholders wanting to accept the revised offer would receive 56.8 cents per share.

Also, if CCP obtains a relevant interest in more than 50 per cent of the company’s shares and its offer is otherwise unconditional, it will declare a further 2.2 cents per share special dividend, unfranked, payable to all shareholders including those accepting the offer, said the firm. The amount received by those accepting the revised offer will - under those circumstances - total 59 cents per share.

ClearView is unrelated to the publisher of this website, ClearView Financial Media. Los Angeles-based CCP invests in below investment grade credit markets and has approximately A$10 billion of assets under management.