IOOF gains shareholder approval for DKN deal

IOOF/mergers-and-acquisitions/cent/

28 September 2011
| By Angela Welsh |

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.

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 3 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 3 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 1 day ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

2 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND