Financial services firm IOOF has been revealed as the mystery bidder for investment and superannuation platform Hub24.
IOOF released a statement to the ASX yesterday revealing it has approached Hub24 with an indicative, non-binding and conditional proposal to acquire 100 per cent of its shares.
Hub24 announced that it had received the offer for a cash consideration of $2.75 per Hub24 share without naming the bidder last week, but it named IOOF yesterday "in response to representations made in the media".
Hub24's shares have been placed in a trading halt until 10am Thursday 15 October, or until the company makes an announcement about the matter.
"The directors of Hub24 are currently evaluating the proposal and intend to update the market in due course," said Hub24.
IOOF also released a statement on the ASX confirming it has approached Hub24.
"IOOF has an extensive history and is known for taking a disciplined approach to transactions," said IOOF.
"As IOOF has regularly advised the market, it is prepared to pursue acquisitions if they are a strategic fit and priced reasonably.
"Discussions with Hub24 are at an early stage and there is no certainty that the approach will lead to a transaction.
"IOOF will make a further announcement to the market if appropriate," said the statement.
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