IOOF has entered into an agreement whereby it will acquire all ordinary shares of Plan B, which is also the majority owner of My Adviser.
The move will add $2.2 billion to IOOF's funds under management via Plan B's internally managed platform.
The all-cash offer of $0.60 per share represents a 33 per cent premium to Plan B's closing share price on 12 July 2012 of $0.45 per share, according to a statement released to the Australian Securities Exchange.
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