Protein phosphatase that may play a role in regulation of cell cycle progression via dephosphorylation of its substrates whose appropriate phosphorylation states might be crucial for cell proliferation. Selectively associates with integrin linked kinase (ILK), to modulate cell adhesion and growth factor signaling. Inhibits the ILK-GSK3B signaling axis and may play an important role in inhibiting oncogenic transformation. H2O + O-phospho-L-seryl-[protein] = L-seryl-[protein] + phosphate H2O + O-phospho-L-threonyl-[protein] = L-threonyl-[protein] + phosphate Binds 2 magnesium or manganese ions per subunit. Inhibited rather than stimulated by magnesium. Interacts with ILK. Specific association with ILK is independent of the catalytic activity of either partner. Widely expressed. Highest levels expressed in striated muscle. Much lower levels evident in various smooth muscle tissues. Belongs to the PP2C family.