DKN directors recommend sweetened deal
IOOF’s acquisition of DKN appears set to proceed, with DKN Financial Group announcing it has entered into a Scheme of Implementation Agreement which increases the value of the offer to shareholders.
The company announced to the Australian Securities Exchange today that it had entered into the scheme with IOOF Holdings Limited and a wholly owned IOOF subsidiary Austselect to implement a revised version of the initial proposal.
The new scheme sees IOOF acquiring 100 per cent of the shares it does not already own in DKN for 80 cents cash per DKN share.
The announcement said IOOF’s new proposal of 80 cents represents a 56.9 per cent premium to the closing share price of DKN on 10 June.
DKN chairman Rob Hunwick said scheme represented an opportunity for DKN shareholders to realise value inherent in DKN and the independent directors would be recommending the new proposal.
AUTHOR
Mike Taylor
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