Trust Company continues to back Perpetual buyout
The Trust Company has once again backed Perpetual’s takeover proposal, after months of holding out for a potential better offer.
After prolonged deliberations over a 100 per cent buy out proposal from Perpetual, board members considered and rejected an alternative Equities Trustees offer after a comparative analysis found it would offer lower share price.
It follows Equities Trustees eleventh hour bid of 39 EQT shares for every 100 TRU shares earlier this week.
However, on an 8.8 per cent premium, the revised Equities Trustees offer was valued at $7.69 per share earlier this week, compared to Perpetual’s $8.37 per share, according to Trust Company figues.
“Accordingly, The Trust Company advises shareholders to reject the Revised Equity Trustees Offer,” an Australian Stock Exchange statement said.
The directors stressed that the revised equity offer was subject to a 90 per cent minimum acceptance condition, meaning if shareholders accepted it they would void the Perpetual offer.
They also warned shareholders could receive significantly less dividends than those estimated by the Equities Trustees.
The shareholders will vote on the proposals on 28 November.
AUTHOR
Staff Writer
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
