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 (By similarity). 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. Interacts with ILK. Widely expressed. Highest expression observed in kidney, liver and muscle. Activated in response to stress, such as the addition of ethanol to the culture medium or UV irradiation of cells. Inhibited rather than stimulated, by Magnesium. Belongs to the PP2C family.