HUB24 rebuffs ‘inadequate’ IOOF bid
IOOF will have to come up with a better offer if it wants to win the support of the Board of HUB24 for a take-over offer for the superannuation administration platform and dealer group services firm.
The HUB24 board announced to the Australian Securities Exchange (ASX) on Friday that the directors had decided to reject an IOOF bid for the firm as inadequate.
IOOF had issued an indicative, non‐binding and conditional proposal to acquire 100 per cent of HUB24's shares for a cash consideration of $2.75 per HUB24 share.
In a statement issued to the ASX late on Friday, HUB24 said its board had considered the proposal with its advisers and believed the proposal was inadequate and did not reflect the underlying value of HUB24.
The announcement said IOOF had been informed its proposal was inadequate and that the HUB24 Board "does not intend to take any further action in relation to the proposal".
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