Financial services company rejects takeover bid

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A financial services company has rejected a takeover bid by IOOF.

HUB24 announced the receipt of an indicative, non-binding and conditional proposal from IOOF Holdings to acquire a 100% stake in the company. HUB24 said its board considered the proposal with its advisers, and deemed it inadequate.

"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," the company said in a release.

HUB24 recently announced that it had exceeded $2bn in FUA, with FUA growing 92% over the past 12 months. In its release on the IOOF takeover bid, the company said the bid did not reflect the underlying value of HUB24.

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