Listed funds management firm Over Fifty Group has denied Macquarie Bank has undertaken due diligence on the group in a view to purchase.
Over Fifty Group managing director Chris Martin quashed suggestions the banking giant was eying off the financial services group, but rather was acting as adviser as part of a strategic review of the company.
"What we have announced is that Macquarie Bank is to complete a strategic review as is often the case in public companies from time to time. We believe the boards benefit from external advice and we're seeking external advice," Martin said.
"The position in respect to Macquarie is quite clear and on the record: the board have appointed Macquarie to assist us in the completion of strategic review.
"Obviously as part of the strategic review Macquarie need to understand our business in great detail."
Over Fifty Group announced last week it has formed a board sub-committee of the independent directors of the group to oversee the review.
Martin said it stemmed from the group receiving a number of preliminary proposals in respect of either parts or all of the business.
"We're not necessary looking to sell all or part of our business now. All we've announced is we've created an independent committee to conduct a strategic review. At the appropriate time further announcements will be made," he said.
Martin said the group will continue with its business as usual during the process.
