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IOOF Hub24 takeover fails

Platform provider Hub24 has rejected IOOF's offer to acquire 100 per cent of its shares, saying that it is "inadequate".

In a statement released onto the ASX on Friday afternoon, Hub24 said it had considered IOOF's indicative, non‐binding and conditional proposal to acquire 100 per cent of Hub24's shares for the cash consideration of $2.75 per HUB24 share, and rejected it because it "does not reflect the underlying value of Hub24".

The Hub24 board has informed IOOF that its proposal is inadequate. The Hub24 board does not intend to take any further action in relation to the proposal.

It was revealed earlier this week that IOOF was the prospective buyer.

Hub24 is being advised by Investec Australia Limited and Minter Ellison.