IOOF has confirmed it has approached Hub24 with an indicative, non-binding and conditional proposal to acquire 100 per cent of Hub24's shares.
The announcement came after the ASX requested Hub24, in response to representations made in the media, to reveal the identity of the unrelated party who had submitted the proposal, which was announced on the ASX on Friday.
Hub24 has requested a trading halt session until Thursday or until an announcement is released to the market.
"IOOF has an extensive acquisition history and is known for taking a disciplined approach to transactions. As IOOF has regularly advised the market, it is prepared to pursue acquisitions if they are a strategic fit and priced reasonably," the financial services giant said in a statement.
"Discussions with HUB24 are at an early stage and there is no certainty that the approach will lead to a transaction."
The directors of Hub24 are currently evaluating the proposal and intend to update the market in due course.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all