IOOF Holdings (IOOF) has issued a warning to its shareholders regarding an unsolicited offer from a third party wishing to purchase the group’s shares at less than half the market price.
In a statement to the Australian Securities Exchange, IOOF said a company by the name of Share Buying Group, which has no association with IOOF, had made yet another round of unsolicited offers to the group’s shareholders.
The Share Buying Group made its first unsolicited offer to IOOF shareholders in late July this year. The group has now made a fresh offer dated September 1, 2008, according to IOOF.
“The market value of an [IOOF] share on September 1 was $5.43. The value of the Share Buying Group offer was $2.51 a share. Again, IOOF considers the offer to be entirely opportunistic and uncommercial,” a statement from IOOF said.
IOOF said the offer has been made without the support of IOOF or its share registry, Link Market Services.
In mid-July IOOF was obliged to comply with a request from the Share Buying Group for a copy of its share register in accordance with the Corporations Act.
Shareholders have been urged to seek independent financial advice before making any decisions about their shares.
