CCP BidCo has sweetened its takeover offer for ClearView Wealth, with investors in the takeover target now in line to receive up to 59 cents a share.

Clearview, which in July rejected CCP’s initial bid of 50 cents a share, said it had entered into an implementation agreement with CCP for the predator to make an increased offer of 55 cents a share.

On top of that, Clearview will pay a special 2.2 cent unfranked dividend to shareholders once CCP’s offer becomes unconditional and it receives regulatory clearance and holds more than 50 per cent of the takeover target’s shares.

Under its original offer, CCP said it would deduct the value of any dividends from its 50-cents-a-share offer, including the 1.8 cents-a-share dividend Clearview declared when it announced its annual results last Monday.

However, CCP has now agreed not to deduct the value of any dividends to be paid by ClearView, meaning shareholders who accept its offer would receive 59 cents a share.

CCP, a subsidiary of private equity manager Crescent Capital Partners Management, has also extended the closing date for the offer until September 14.

ClearView’s major shareholder, Guinness Peat Group (GPG), which holds 47.8 per cent of the insurance and wealth manager’s stock, has said it will accept CCP’s fresh offer.

The revised offer values ClearView at $262.8 million, up from $222.7 million under the original bid.

“For some time GPG has been an announced seller of its ClearView shareholding, giving rise to a situation not satisfactory to either GPG or the Company and its share register,” ClearView chairman Ray Kellerman said in a statement.

“Under the negotiated arrangements, GPG is able to fulfil 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.”

ClearView’s shares closed half a cent higher at 58.5 cents.