Plan B has recommended shareholders accept IOOF’s takeover offer.

In its targets statement, the dealer group backs the 60-cents-a-share bid, saying there has not been a superior proposal.

Plan B Chairman Bryan Taylor says the offer represents a 33% premium on Plan B’s closing price before the bid was announced.

“The offer is a straightforward cash offer,” he said in the statement.

“Trading in Plan B shares has often been relatively illiquid and the offer provides all shareholders with an opportunity to sell all their shares.”

Plan B directors have accepted the offer. The closing date for acceptance is September 11.