Wealth manager IOOF’s bid for DKN Financial Group has won approval from shareholders, allowing the deal to progress.
An overwhelming majority (99.93 per cent) of votes were cast in favour of the proposed scheme of arrangement, which will allow IOOF to acquire all of the full paid ordinary shares in DKN that IOOF does not already control.
Before the deal was announced, IOOF had an 18.5 per cent stake in DKN. IOOF managing director Chris Kelaher, who sits on the DKN board, had temporarily stepped down from his position during negotiations for the takeover bid.
The second court hearing to approve the scheme is scheduled for Monday 3 October at the Supreme Court of Victoria. If the court grants an order approving the scheme, eligible DKN shareholders will receive 80 cents cash for each DKN share they own.
