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Insurance House dismisses sale rumours

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Insurance House says it is not for sale and not interested in offers, despite efforts to push through a deal.

The privately owned national brokerage says a former employee and a merger consultant have teamed up to tout the business to listed broker networks, saying they have 51% shareholder support and can activate drag-along rights on the rest.

But Non-Executive Chairman Gary Gribbin told insuranceNEWS.com.au the deal will not go through as “much less” than 51% of shareholders are backing it. He says the board has 56% of shares, and all directors have confirmed they are not involved.

“We have an unambiguous shareholders’ agreement that utterly precludes this sort of activity. It is terribly disruptive and really appalling behaviour.”

Mr Gribbin says Insurance House will report the activity to the Australian Securities and Investments Commission.