IOOF extends Plan B offer period
Page 1 of 1
Samantha Hodge is a journalist with InvestorDaily, a Morningstar publication.
As of 3 September, IOOF had reached 58 per cent shareholder acceptance, up from 20 per cent on 23 August, the company said in a statement to the Australian Securities Exchange (ASX).
The takeover bid, which is subject to a 90 per cent shareholder acceptance level, was originally scheduled to close on 11 September.
In July, IOOF made an all-cash off to acquire all of Plan B for $0.60 per share.
At the time of the offer, Plan B directors unanimously recommended that Plan B shareholders accept IOOF's bid in the absence of a superior proposal.
In August, IOOF managing director Christopher Kelaher told InvestorDaily the planned bid was "proceeding according to expectation" at 20 per cent shareholder acceptance.
Kelaher also said there were no concerns advisers would look to exit for another dealer group following IOOF's ASX statement in July outlining plans to conduct a review of Plan B's operations, including all assets, obligations, structure, strategy and employees, should its offer be accepted.
Subject to undertaking the review, IOOF expected there would be some corporate, managerial and operational duplication of business, the company said at the time.
IOOF said it was also the company's intention to maintain Plan B's Perth operation, with the potential for some functions to be relocated to IOOF's head office in Melbourne.
Last week, Plan B posted a drop in net profit of almost 30 per cent for the year to 30 June due to $1.12 million in costs associated with a strategic review and restructure of its wealth management division.
As a result of the company's restructure, total headcount of the group, including contract staff, declined by 22 from 195 at 30 June 2011 to 173, the company said in its full-year results announcement.