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PE group CVC plus plug on AUD1.83bn APM bid

Private equity group CVC Asia Pacific has withdrawn a AUD1.83bn (£948m) bid to acquire APM Human Services, which helps people find jobs and is a provider of services to Australia’s National Disability Insurance Scheme, according to a report by AFR.

APM, which listed on the ASX in late 2021 at AUD3.55 per share, but has since seen its stock value tumble, went into a trading halt on Wednesday morning after CVC sent an official letter advising that it was unable to proceed with its non-binding AUD2 per share offer disclosed to the ASX on 28 February.

Founder Megan Wynne owns 34% of APM, while Private equity group Madison Dearborn Capital Partners holds a stake of just over 30% in the business. Under the CVC proposal about 75% of that holding was to rolled over into an unlisted vehicle. Madison Dearborn bought its large holding from Quadrant Private Equity in 2018.

APM generates fees from helping people with disabilities or illnesses find jobs and operates in 11 countries with 15,000 staff, 6200 of them in Australia.

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