IOOF's DKN takeover to become official
The scheme of arrangement between DKN and its shareholders under which IOOF will acquire all ordinary shares in DKN is due to become effective today, according to a statement to the Australian Securities Exchange (ASX).
The proposed acquisition of DKN by IOOF yesterday received approval from the Supreme Court of Victoria, according to the statement.
The merger was originally proposed in June and at a vote last week received overwhelming shareholder support.
DKN shares are due to be suspended from trading on the ASX at the close of trading today. DKN shareholders will receive 80 cents cash per DKN share. The implementation date for the scheme is expected to be Monday 17 October, according to the statement.
AUTHOR
Chris Kennedy
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