Business
IOOF raises $734m ahead of MLC deal – The Australian Financial Review
IOOF said it had raised $734 million, while analysts remain split over its ambitious takeover of MLC Wealth.
The company issued a total of 129.2 million new shares as part of the placement, which raised $452 million. An entitlement offer for existing retail shareholders will run until September 16 at the same price offered to institutional investors of $3.50 a share.
A share purchase plan will also be run over the same period under which eligible retail investors can buy up to $30,000 in IOOF shares.
IOOF is expected to announce changes to the leadership team within its financial advice operations on…
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