IOOF has submitted a proposal to acquire all the shares in DKN it does not already own, via its wholly owned subsidiaries.
According to the company’s announcement to the Australian Securities Exchange, the proposal consisted of an all-cash offer of $0.75 per DKN share to be effected by way of a scheme of arrangement and subject to conditions, including the unanimous support of the DKN Board members.
IOOF noted there was no certainty that the proposal would lead to a transaction, but mentioned the company had commenced confidential discussions with DKN.
Managing director of IOOF Chris Kelaher (pictured) said it made “strategic and commercial sense to explore the options for accelerating the growth of DKN business under IOOF’s larger, vertically integrated wealth management model”.
Nomura and Blake Dawson will act as IOOF’s financial and legal advisers.
