IOOF’s $49.1 million takeover of Plan B is moving into the completion phase, with the company having secured 96.05% of shares when the bid closed last Tuesday.

The rest of the stock can now be compulsorily acquired because acceptances are above the 90% threshold. The deal will add $2.2 billion to IOOF’s funds under management.

Meanwhile, Crescent Capital has gained 79.67% acceptance for its $242 million ClearView Wealth bid, meaning it will not move to compulsory acquisition and, as planned, ClearView will remain listed on the Australian Securities Exchange.

Minority shareholders will include Gary Weiss’s Ariadne with 4.4%, Gary Burg with 2.8%, Laurence Nestadt with 2.6%, MD Simon Swanson with 2.5% and other management with about 5.5%.

Investec bank and its private equity arm have retained a 1.6% stake after selling down the majority of their pre-bid 9.3% holding and Macquarie private equity has an interest with Crescent.

Mr Weiss will join the ClearView board immediately and become chairman next July. Mr Swanson and the management team will stay in place.

Mr Weiss is a former executive with Guinness Peat Group, whose desire to sell its 47.8% holding triggered the bid.

Independent experts valued ClearView at between 68 cents and 74 cents a share.