Crescent Capital, the private equity bidder for ClearView Wealth, is now playing a waiting game following the rejection of its 50c a share $220 million bid for the company.

Clearview’s board and 47.8% shareholder GPG rejected the bid on Friday, with GPG describing it as pitched at “a substantial discount to the fair value of ClearView Wealth and… wholly inadequate”.

The market takes a similar view, with analysts saying it is set at 14% below embedded value while similar deals in recent times were pitched at up to 1.4 times embedded value.

Crescent Capital appears unmoved by this view or by GPG’s rejection, with its advisers preferring to play hardball.

The private equity company appears to be banking on the fact that GPG is selling down its assets following a shareholder revolt in 2010. It sees the ClearView stake as a significant asset that can be readily turned to cash, and it appears unlikely a rival bidder will be flushed out.

The next steps in the process will be the release in the next few weeks of Crescent’s formal bidders statement and ClearView’s responding target statement.

Meanwhile the stock market is betting against the bid, with ClearView shares trading above the offer price at 54.5 cents.

Crescent currently controls 11.9% of ClearView. This figure includes a 4.3% stake held by former GPG lieutenant Gary Weiss, who is siding with the bidders and will become ClearView chairman if the bid succeeds.