Equity Trustees announces Trust Company takeover bid
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.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.