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Unnamed parties approach PIH

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PIH has been contacted by a number of parties over potential new deals.

A number of unnamed parties have approached Professional Investment Holdings (PIH) over potential new merger and sale discussions.

PIH managing director Grahame Evans said the firm has been contacted with further merger and sale proposals as the firm works towards the completion of its merger with Australian Securities Exchange-listed group Centrepoint Alliance (Centrepoint).

"We've had businesses that have actually shown interest in merging with us, we've had other businesses which have put themselves up in front of us from a point of view of us looking to buy them," Evans said.

"We've had other people show an interest in the Aviva holding."

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Outside the potential deals, PIH needs to focus on its strategy for 2011 and what the big tasks will be as it goes through the first year of the merger, according to Evans.

"Now it's about getting ourselves from a strategic perspective set for 2011 onwards, because as we've gone through this process there has been lots of interest in things that other businesses can do with us once we get listed," he said.

Evans would not comment on details of any potential new deals but did indicate further merger and acquisition activity for the group is likely.

"Tony Robinson, our CEO of the new merged group, his background is M&A [mergers and acquisitions] so I don't expect he's likely to change that," he said.

"I'm sure there will be a number of opportunities."

Earlier this month, the Federal Court cleared the way for the deal between PIH and Centrepoint by approving its scheme of agreement.

The allotment of shares by Centrepoint to PIH shareholders is expected to happen on 13 December.

Last month, the parent company of dealer group Professional Investment Services announced it had reached the required 75 per cent of votes in favour of the merger in each share class.