IOOF’s takeover of Plan B is nearing completion, with the company receiving acceptances for 61.8% of the target’s capital by last Friday.

Plan B directors, who own 40% of the wealth manager and represent the largest single block of shares, have accepted the 60-cents-per-share offer.

An IOOF spokesman says the group is “hopeful of achieving 90% acceptances by September 25”. That will allow it to compulsorily acquire outstanding shares.

The deal will raise IOOF’s funds under management by $2.2 billion.