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ClearView Wealth Secures ACCC Clearance on Proposed Acquisition by Financial Services Firm; Shares Reach Over Three-Year High

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ClearView Wealth (ASX:CVW) said the Australian Competition and Consumer Commission (ACCC) ruled that the proposed acquisition of all of its shares by Zurich Financial Services Australia through a members' scheme of arrangement may be put into effect, according to a Friday filing with the Australian bourse.

Implementation of the scheme, under the scheme implementation deed between Zurich Financial Services and the company, remains subject to other conditions, including Australian Prudential Regulation Authority approval, shareholder approval, and court approval, the filing said.

Company directors unanimously recommended that shareholders vote in favor of the scheme in the absence of a superior proposal and subject to the independent expert continuing to conclude that it is in the best interests of shareholders.

ClearView Wealth shares rose 2% in morning trade on Friday and earlier reached their highest since September 2022.

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