ClearView Wealth buyer Crescent Capital has extended its bid to September 28, while the Foreign Investment Review Board has approved the takeover.

Crescent controls about 63% of ClearView’s capital after acceptances for 6.8 million shares last week; 47.8% shareholder Guinness Peat Group agreed to sell after the bid was raised last month from 50 cents to 55 cents plus four cents in dividends.

ClearView MD Simon Swanson – who will retain his position after the takeover – is to hold on to his 2.5% stake. It is not clear whether Paradice Investment Management and Investec’s private equity arm will sell their combined 13.37% holding.