IOOF gains shareholder approval for DKN deal
Wealth manager IOOF's bid for DKN Financial Group has won approval from shareholders, allowing the deal to progress.
An overwhelming majority (99.93 per cent) of votes were cast in favour of the proposed scheme of arrangement, which will allow IOOF to acquire all of the full paid ordinary shares in DKN that IOOF does not already control.
Before the deal was announced, IOOF had an 18.5 per cent stake in DKN. IOOF managing director Chris Kelaher, who sits on the DKN board, had temporarily stepped down from his position during negotiations for the takeover bid.
The second court hearing to approve the scheme is scheduled for Monday 3 October at the Supreme Court of Victoria. If the court grants an order approving the scheme, eligible DKN shareholders will receive 80 cents cash for each DKN share they own.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
