IOOF to acquire SFG in $670m deal

Financial services groups ink deal that offers 0.104 of an IOOF share for each SFGA share

IOOF (IFL) and Shadforth Financial Group Australia (SFGA) are to merge in a deal valued at $670 million.

Under the scheme of arrangement, SFGA shareholders will be offered 0.104 of an IOOF share for each SFGA share they hold.

The suitor will also make available a cash alternative, subject to a maximum cash component of $100 million in aggregate.

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