IOOF warns shareholders of unsolicited offer
IOOF Holdings (IOOF) has issued a warning to its shareholders regarding an unsolicited offer from a third party wishing to purchase the group’s shares at less than half the market price.
In a statement to the Australian Securities Exchange, IOOF said a company by the name of Share Buying Group, which has no association with IOOF, had made yet another round of unsolicited offers to the group’s shareholders.
The Share Buying Group made its first unsolicited offer to IOOF shareholders in late July this year. The group has now made a fresh offer dated September 1, 2008, according to IOOF.
“The market value of an [IOOF] share on September 1 was $5.43. The value of the Share Buying Group offer was $2.51 a share. Again, IOOF considers the offer to be entirely opportunistic and uncommercial,” a statement from IOOF said.
IOOF said the offer has been made without the support of IOOF or its share registry, Link Market Services.
In mid-July IOOF was obliged to comply with a request from the Share Buying Group for a copy of its share register in accordance with the Corporations Act.
Shareholders have been urged to seek independent financial advice before making any decisions about their shares.
Recommended for you
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
Mason Stevens has tapped Investment Trends’ head of growth, alongside two other hires, to bolster its distribution team.
