Equity Trustees (EQT) has announced its intention to make an off-market takeover offer for all issued shares in The Trust Company Limited.
EQT chairman Tony Killen said discussions between the two companies had failed to secure the deal.
He said combining Equity Trustees and Trust Company was the best available corporate transaction for both companies.
"The offer will provide the opportunity for Trust Company shareholders to decide the matter," he said.
"Both groups of shareholders will access the upsides that can be realised by the combined group.
"Clients and employees will also benefit from being associated with a larger, more diversified organisation with deeper resources, broader scope and a wider range of high-quality services," he said.
