Count wants more value for DKN
One of the key stakeholders in dealer group DKN has suggested IOOF may need to further sweeten the terms of its takeover bid.
The executive chairman of Count Financial, Barry Lambert (pictured), has suggested IOOF’s most recent improvement in its offer may still fall short of that necessary to gain the necessary level of shareholder support.
IOOF on Monday sweetened its bid for DKN by lifting the value of its bid to 80 cents a share – something which succeeded in gaining the support of DKN’s independent directors.
However Lambert told Money Management he believed the 80 cents bid would still fall short of the mark for many shareholders.
“I doubt 80 cents is sufficient to get shareholder support but as we are not in business to frustrate industry rationalisation, we would accept 85 cents,” he said.
Lambert’s comments follow on from those of Count chief executive Andrew Gale last week, when he suggested IOOF’s original bid fell short of the mark and which sparked media speculation that Count would be open to accommodating any Lonsdale planners who felt uncomfortable with DKN’s proposed new ownership.
Lambert declined to comment on the situation with respect to Lonsdale.
AUTHOR
Mike Taylor
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