Perpetual/Trust merger referred to ACCC

The Australian Competition and Consumer Commission (ACCC) is conducting a public review into the proposed merger between Perpetual and The Trust Company, with the regulator to announce its decision on 11 July.

Perpetual’s spokesperson said the company made a voluntary submission to the ACCC given the similar nature of the two businesses, adding this was part of standard procedure.

The ACCC had commenced its public review of the proposed merger on 16 May, calling all interested parties to comment on the matter.

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Earlier this month, Perpetual announced its intention to buy Trust after Equity Trustees' offer for the firm fell through.

Perpetual offered 0.1495 of its shares per every Trust share, equivalent to $6.17 per share, as well as a special dividend of $0.22 per Trust share, expected to be fully franked.

Submissions close on 7 June.

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