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Report: Macquarie Group exits Australian wealth manager

Macquarie Group Ltd. has divested its remaining stake, which was less than 5%, in wealth management company Yellow Brick Road Holdings Ltd., The Australian Financial Review reported Sept. 3, citing sources.

Macquarie, which initially held an 18.4% stake in Yellow Brick Road, started off-loading its stake in April, with Mercantile Investment Co. Ltd. acquiring a large tranche of shares in the wealth manager.

Mercantile Investment, through its unit Mercantile OFM Pty Ltd., is making an off-market takeover bid for all the shares in the wealth management firm it does not own at 9 Australian cents per share. Mercantile Investment and its associates currently hold a 19.97% stake in Yellow Brick Road.

Mark Bouris, executive chairman of Yellow Brick Road, said Mercantile Investment's offer "materially undervalues" the existing and future value of the wealth manager, but declined to comment further on the matter.