Perpetual granted court approval for Trust take-over
Perpetual's take over bid for The Trust Company will become effective from 4 December after the NSW Supreme Court approved the arrangement under which Perpetual will acquire all the shares in Trust.
According to documents lodged with the Australian Securities Exchange (ASX) by Perpetual and Trust, tomorrow will also be the last day Trust shares will be traded on the ASX before the issuance of Perpetual shares to Trust shareholders on 18 December.
The court ruling follows the granting of shareholder approval at a general meeting held last week in which more than 83 per cent of shareholders voted in favour of the scheme of arrangement which would result in the merger of the two groups.
The ruling also ends the ongoing take-over tussle that began in May between Perpetual and Equity Trustees. It was characterised by counter-offers, rebuttals of the value of the respective offers and surprise bid by IOOF for Trust, which was beaten by a revised Perpetual offer.
Perpetual chief executive officer and managing director Geoff Lloyd said the merged entity would deliver greater scale across Perpetual's business units and that plans were well underway for integrating Trust into Perpetual.
As part of these moves Lloyd and Perpetual chief financial officer Gillian Larkins will join the board of Trust.
AUTHOR
Staff Writer
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”.
