Business Services Industry
Grassroots revolt threatens Finsia deal.
Australasian Business Intelligence, June, 2007
Byline: Madeleine Collins
Jun 05, 2007 (Independent Financial Adviser - ABIX via COMTEX) -- The 20,000 members of Financial Services Institute of Australasia's (Finsia) are being urged to vote against the sale of Finsia Education. The board of Finsia recently announced it had agreed to sell the unit for $A36 million to Kaplan, a subsidiary of the Washington Post company. Two days after the deal was announced, Fairfax Media announced it was willing to pay $A42 million for Finsia Education, but the board has rejected Fairfax MediaA's bid on the grounds that it is too conditional. A number of members of the financial services sector who lecture at Finsia are very unhappy about the sale of Finsia Education, and are lobbying its members to vote against it.
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