DKN Financial Group (DKN) Board members have agreed to a proposal from IOOF to acquire 100% of shares in the advice group.<\/p>\n
IOOF first approached DKN on 14 June 2011, with an offer of $0.75 per share.\u00a0 At the time, DKN issued a statement saying that while discussions with IOOF were proceeding, ‘a transaction may or may not eventuate from the proposal’.<\/p>\n
Following discussions with IOOF, the DKN Board has now agreed unanimously to a new agreement, which will see shareholders paid at a rate of $0.80 per share.<\/p>\n
DKN chairman, Rob Hunwick<\/strong>, said: “The Independent Directors have carefully examined the value and terms of IOOF’s New Proposal.\u00a0 We have sought advice from our financial and legal advisers and consulted with shareholders.<\/p>\n “This is an opportunity for DKN shareholders to realise value inherent in DKN and the Independent Directors recommend the New Proposal, in the absence of a superior proposal and subject to the review of an independent expert.”<\/p>\n IOOF has indicated it intends to maintain the current Lonsdale Financial Group operating model and client proposition.<\/p>\n DKN CEO, Phil Butterworth<\/strong>, said IOOF had a proven track record of managing multiple brands, and that this “provides comfort that the Lonsdale Financial Group will continue to provide quality services and support, as it has done historically”.<\/p>\n DKN shareholders will have the opportunity to vote on the transaction at the Scheme Meeting, which is likely to be held in September.<\/p>\n","protected":false},"excerpt":{"rendered":" DKN Financial Group (DKN) Board members have agreed to a proposal from IOOF to acquire 100% of shares in the advice group.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,6],"tags":[],"class_list":{"0":"post-11187","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-company-news","7":"category-dealer-groups"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=11187"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/11187\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=11187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=11187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=11187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}