Merger talks scrapped
Equity Trustees and Trust Company have broken off their merger talks.
The companies announced to the Australian Securities Exchange today that the preliminary discussion surrounding the merger had ceased, with the parties apparently unable to reach agreement on some fundamental terms.
Commenting on the situation, Equity Trustees chairman Tony Killen said that at the outset the Equity Trustees board determined that the merger would only proceed if it was confident the terms agreed upon would provide shareholders with a fair outcome.
“Regrettably, we have not been able to reach a conclusion that meets these criteria,” he said.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
